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

Additionally, the bill includes a similar provision in chapter 13-16, specifically for section 13-16-7, reinforcing that the increase in taxable value from improvements to real property excludes additions or enhancements to existing structures. These changes aim to provide clearer guidelines for property tax assessments and ensure that property owners are not penalized for making improvements to their existing properties.