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 improvements to real property will not include additions or enhancements made to existing structures that are affixed to land.

Additionally, the bill adds similar language to chapter 13-16, specifically for section 13-16-7, reinforcing that the increase in taxable value from improvements to real property excludes additions or improvements to existing structures. This legislative change aims to provide clearer guidelines for property tax assessments and ensure that only new constructions are considered for tax revenue increases.