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SF 3469

Market value exclusions for certain railroad property establishment; calculation of net present value of anticipated future income for state-assessed property modification

2025-2026 Regular Session Introduced by Aric Putnam and 1 co-sponsor

The bill changes railroad property valuations for state taxes by creating market value exclusions and using net present value of expected future income for state-assisted property

Referred to Taxes
#railroads #raillines #andlrt #taxation #taxation-property
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Bill Summary · SF 3469

Summary: Senate File 3469 (SF 3469)

Overview

  • Bill number: SF 3469
  • Title / subject: Market value exclusions for certain railroad property establishment; calculation of net present value of anticipated future income for state-assessed property modification.
  • Status: Referred to Taxes (Senate), introduced May 1, 2025.
  • Companion: HF 3277 (House of Representatives).

Purpose and intent

  • The bill appears to address how railroad-related property is valued for state property tax purposes. Specifically, it seeks to establish market value exclusions for certain railroad property during establishment, and to modify valuation methodology by requiring the calculation of the net present value (NPV) of anticipated future income for state-assessed property modifications.
  • In broad terms, the goal is to adjust the framework used to determine assessed values of railroad properties, potentially affecting taxable value and tax liability for those properties.

Key provisions (high-level)

  • Market value exclusions for railroad property establishment: Creates or clarifies exclusions from market value in establishing certain railroad properties. The exact scope, eligibility criteria, and subject assets are defined in the bill’s text (not provided here).
  • NPV-based valuation for state-assessed property modification: Requires or facilitates the calculation of the net present value of anticipated future income when evaluating state-assessed railroad property modifications. This indicates a shift toward income-based valuation signals in determining assessed value rather than solely traditional market-based or cost-based approaches.
  • Interaction with existing statutes: The provisions would modify how railroad property is treated under state property tax valuation rules, potentially influencing assessments by state authorities and related tax computations.

Who would be affected

  • Railroads and railroad property owners/operators subject to state property tax assessments for railroad-related assets.
  • State and local assessors responsible for implementing valuation rules and applying the exclusions and NPV methodology.
  • Taxpayers with railroad property subject to state-level assessment, who could see changes in taxable values and tax liability.
  • Related stakeholders may include policymakers, developers, and industries relying on railroad infrastructure, depending on how exclusions and NPV rules interact with existing tax incentives or exemptions.

Procedural and timeline aspects

  • Introduced: May 1, 2025
  • First reading / referral: May 1, 2025 — Referred to the Senate Taxes Committee.
  • Next steps: If advancing, the bill would go through committee hearings, potential amendments, and floor votes in the Senate, followed by consideration in the House via the companion HF 3277. Final passage would precede any potential enactment and implementation timeline, which would be defined in the bill text (not provided here).

Notes

  • Details such as eligibility criteria, effective dates, transition provisions, and fiscal impact are not included in the provided summary. Readers should consult the full bill text and fiscal notes for precise language and potential implementation timelines.

Compiled from official sources — confirm details with the bill’s official record.

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