This bill introduces a method for equalizing market value when calculating property tax abatements. Specifically, if an abatement is granted with a determination of market value, that value must be equalized by multiplying it by the previous tax year's median ratio as determined by the department of revenue administration. However, this equalization is not required in any tax year where the municipality conducts a full reassessment in accordance with certain state statutes.

Additionally, the bill amends the valuation process for telecommunications poles and conduits. It specifies that the value of these assets, owned by telephone utilities or certain service providers, shall be determined by the Replacement Cost New (RCN) minus depreciation over 40 years with a residual value of 20 percent. Importantly, the bill includes an insertion that the annual equalization ratio shall not apply to this valuation formula. The act is set to take effect on April 1, 2025.

Statutes affected:
As Amended by the Senate: 72:8-c
Version adopted by both bodies: 72:8-c
CHAPTERED FINAL VERSION: 72:8-c