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2005 SESSION

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SJ 329 Constitutional amendment (first resolution); assessment of real property.

Introduced by: William C. Wampler, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Constitutional amendment (first resolution); assessment of real property. Provides that a county, city, or town may enact an ordinance allowing real estate to be assessed at (i) fair market value or (ii) no more than 105 percent of the assessment of the property the preceding tax year, whichever is lower. If such an ordinance is adopted, the same factor for increasing assessments of real estate within the locality's geographical boundaries must be used for all properties assessed using other than the fair market value. If property is sold or improved, it shall be assessed at the fair market value for the tax year in which the sale or improvement takes place, and that assessment will be the basis for determining the assessment in the succeeding tax year.

FULL TEXT

• 01/11/05  Senate: Prefiled & ordered printed; offered 01/12/05 052914836  pdf

HISTORY

• 01/11/05  Senate: Prefiled & ordered printed; offered 01/12/05 052914836
• 01/11/05  Senate: Referred to Committee on Privileges and Elections
• 02/01/05  Senate: Incorporated by P.& E. (SJ384-Hanger) (15-Y 0-N)