Bill Summary

by Bernard

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. Effective Date: On the effective date of the amendment to the State Constitution proposed by SJR 282 or a similar joint resolution having substantially the same specific intent and purpose, if such amendment is approved at the next general election or at an earlier special election specifically authorized by law for that purpose

Committee references not assigned.