This bill amends the Property Tax Code to introduce a new requirement for an affidavit to be filed with the county assessor for the transfer of certain real property. Specifically, it mandates that a transferor or their authorized agent must submit an affidavit within thirty days of recording a deed or real estate contract. The affidavit must include details such as the names and addresses of the parties involved, the legal description of the property, the consideration for the transfer, and any personal property included in the sale. However, the bill also specifies several exemptions from this requirement, including transfers of nonresidential property, certain deeds involving government entities, and transactions with nominal consideration between family members.

Additionally, the bill establishes a temporary limitation on the valuation of nonresidential property, stating that for tax years 2026 through 2036, the assessed value of such properties cannot exceed 105% of the previous year's value. This limitation does not apply to properties newly valued for taxation, those with increased square footage, or properties that have changed use or zoning. The bill is designed to take effect immediately due to an emergency declaration, emphasizing its importance for public peace, health, and safety.

Statutes affected:
introduced version: 7-38-12.1