This bill introduces new legal provisions to clarify the distinction between new construction and improvements to existing structures when calculating increases in property tax revenue. Specifically, it adds a new section to chapter 10-13, stating that for the purposes of section 10-13-35, any increase in taxable value resulting from improvements to real property will not account for additions or enhancements made to existing structures that are affixed to land.

Additionally, the bill adds a similar provision to chapter 13-16, indicating that for section 13-16-7, the increase in taxable value from improvements to real property also excludes additions or improvements to existing structures affixed to land. These changes aim to provide clarity in property tax assessments and ensure that only new constructions are considered for tax revenue increases.