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

Additionally, the bill outlines the responsibilities of the county board of equalization in adjusting assessed values for damaged properties and establishes a process for property owners to protest these assessments. It emphasizes that the adjustments are applicable only for the current assessment year and includes provisions for notifying property owners of any changes. 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