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2003 SESSION

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SJ 311 Constitutional amendment(1st resolution); assessment of real property.

Introduced by: W. Roscoe Reynolds | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Constitutional amendment (first resolution); assessment of real property. Provides that beginning with the 2006 tax year, real property shall be assessed for tax purposes at no more than 105 percent of the assessed value of such property in the preceding tax year. However, if real property is sold or improved, it shall be assessed at fair market value for the tax year in which such transaction or improvement occurs. Such fair market value assessment shall then be subject to the five percent limitation in subsequent tax years until such time as the property is again sold or improved.


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