The proposed bill amends the Property Tax Code to establish new limitations on the valuation of both residential and nonresidential properties, while also updating property tax exemptions for veterans. It sets a cap on the valuation of residential properties based on previous years' values, with exceptions for physical improvements such as solar energy installations and properties impacted by state disasters. The bill introduces a requirement for an affidavit to be filed with the county assessor for certain real property transfers, while excluding specific transfers from this requirement. Additionally, it increases compensation for county valuation protest board members and imposes administrative penalties for late reporting of property transfer affidavits.

Moreover, the bill enhances the veteran property tax exemption by increasing the exemption amount for certain tax years and allowing for inflation adjustments in subsequent years. It clarifies definitions related to "disabled veteran" and "change of ownership," and specifies conditions under which property owned by disabled veterans or their surviving spouses may be exempt from taxation. The legislation also revises affidavit requirements for property transfers, expands the list of exemptions, and introduces penalties for non-compliance or false statements, classifying such actions as misdemeanors with fines up to $1,000. The bill aims to improve transparency in property valuation notices and establishes a "county valuation protests board" to oversee property valuation disputes, with provisions set to take effect for property tax years beginning on or after January 1, 2025.

Statutes affected:
introduced version: 7-36-21.2, 7-37-5, 7-37-5.1, 7-38-12.1, 7-38-12.2, 7-38-17, 7-38-17.1, 7-38-20, 7-38-25