Bill Detail: SB24-144

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Title Real Property Valuation
Status Senate Committee on Finance Postpone Indefinitely (02/27/2024)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors
Senate Sponsors K. Van Winkle (R)
M. Baisley (R)
House Committee
Senate Committee Finance
Date Introduced 02/07/2024

The bill ensures that the calculation of the actual value of certain
real property used for the purpose of establishing a base valuation for
valuation for assessment for the 2025 property reassessment cycle but not
for the purpose of determining property tax liability for the 2021 and
2023 property tax reassessment cycles does not increase by more than 6%
from 2020 levels in the 2021 reassessment cycle and more than 6% from
2021 levels in the 2023 reassessment cycle. The actual value for the 2025
reassessment cycle may not increase by more than 6% over the 2023
levels. After the 2025 reassessment cycle, property values may increase
no more than 6% from the preceding assessment cycle during every
reassessment cycle thereafter, for certain real property that does not have
an unusual condition that results in an increase in actual value.

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Fiscal Notes Fiscal Notes (02/22/2024) (most recent)  
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