This bill amends current law to allow owners of residences located in industrial or commercial zones to submit a single application for a special appraisal based on the property's current use as a residence. The new legal language specifies that owners may apply for this appraisal on or before April 15 of any year, rather than each year as previously required. Additionally, once the initial application is approved, reapplication will not be necessary, which is a significant change from the previous requirement for annual reapplication. The bill also includes a provision that allows for late applications under certain circumstances, but no applications will be accepted after the local tax rate has been approved.

Furthermore, the bill repeals the existing requirement for reapplication for a current use assessment, streamlining the process for property owners. The effective date for this legislation is set for April 1, 2026. While the bill is expected to have an indeterminable impact on local expenditures due to potential increases in administrative costs for municipalities, it is not anticipated to affect state revenues. The Department of Revenue Administration will need to revise its forms and coordinate with municipalities for implementation, but this is not expected to incur additional administrative costs.

Statutes affected:
Introduced: 75:11