This bill amends several sections of the Revised Statutes Cumulative Supplement, 2024, to update the assessment process for real property that suffers significant damage. Key changes include redefining "damaged" real property, which replaces the term "destroyed" real property, and clarifying that property owners must report significant property damage by July 15 of the assessment year. The bill also mandates that county assessors inspect and report on damaged properties by July 20, and it outlines the process for the county board of equalization to adjust assessed values based on these reports.

Additionally, the bill emphasizes that property tax relief should be available for owners affected by significant property damage due to various events, including natural disasters. It establishes a clear timeline for property assessments and appeals, ensuring that property owners are notified of any changes to their assessed values. The bill declares an emergency, allowing it to take effect immediately upon passage and approval.

Statutes affected:
Introduced: 77-1301, 77-1307, 77-1308, 77-1309, 77-1725.01
Final Reading: 77-1301, 77-1307, 77-1308, 77-1309, 77-1725.01
Slip Law: 77-1301, 77-1307, 77-1308, 77-1309, 77-1725.01