No. SB 284
Filed under Taxes & Budget.
Assessment of Property Owned and Used by Small Businesses; Providing that real property owned and used for commercial purposes by small businesses will be assessed at just value after a certain date; prohibiting the annual change in assessed value from exceeding a specified amount; requiring that the assessed value of the property be lowered to the just value of the property under certain circumstances; providing that a change in ownership or control of the property will cause the property to be assessed at just value, etc.
Plain English Summary
AI-GENERATEDSmall businesses will see their property assessed at just value, then capped at 3% or CPI annually.
If the capped value exceeds just value, the assessed value must be lowered to just value.
A change in ownership or control that ends small business status triggers a reset to just value.
The Department of Revenue will create rules for applying, certifying, and auditing this limitation.
AICaps the annual increase in assessed value for qualifying small business real property at the lower of 3% or the CPI-U increase.
AIRequires the assessed value to be lowered to just value if the capped calculation results in a value higher than the property's actual just value.
AITriggers a full reassessment at just value if a change in ownership or control causes the property to no longer qualify as a small business.
AIMakes knowingly filing false information to obtain or retain the assessment limitation a first-degree misdemeanor, plus back taxes, penalties, and interest.