PROPERTY TAX-SITE VALUE

104th Regular Session Introduced by Neil Anderson and 1 co-sponsor

The bill aims to change property tax assessments by valuing land (site value) separately from buildings, potentially shifting tax burdens.

Added as Co-Sponsor Sen. Neil Anderson

Purpose and intent

The bill addresses property taxation with a focus on the site value of properties. It appears to propose changes intended to modify how site value is determined or taxed, potentially shifting emphasis from total property value to the value of the land/site portion.

Co-sponsors include Neil Anderson and Chris Balkema, indicating bipartisan interest in reforming property tax assessment methodologies at least in the home jurisdiction.

Key provisions and changes (as typical for “PROPERTY TAX-SITE VALUE” measures)

Establishment or modification of assessment methodology to reflect site value (land value) separately from improvements (structures).

Potential requirements for assessors to calculate or reclassify portions of property value into site value vs. improvements.

Possible changes to assessment timelines, disclosure, or filing requirements to support site-value determinations.

May include transitional rules, grandfathering provisions, or phased implementation if switching from current full-value assessments to site-value-based assessments.

Could affect how exemptions, abatements, or property tax relief apply when site value is assessed differently.

Affected parties and scope

Property owners: especially those with significant land value relative to structures, and developers seeking tax treatment distinct from improvements.

Local assessing offices: if the bill prescribes new methods, reporting formats, or data requirements.

Taxing districts and local governments: potential impact on revenue allocations and budgeting due to changes in assessed values.

Procedural and timeline aspects

The bill would specify effective dates and any phased implementation schedule if transitioning to a site-value approach.

It may include rulemaking or guidance requirements for assessors, potentially with deadlines for adoption of new methodologies.

Potential sunset or review provisions to evaluate impact after a set period.

Potential impacts (high-level)

Property tax valuation: could shift some tax burden by valuing land separately from improvements, possibly reducing or increasing assessments depending on property characteristics.

Revenues for local governments: could vary depending on how site values compare to current total property values.

Administrative burden: may impose new data collection, reporting, and recalibration requirements on assessors.

Notes

Specific language, thresholds, formulas, and effective dates are not provided here. For a precise understanding, review the bill text to see:

How “site value” is defined (e.g., land value only, excluding improvements).
How assessments are calculated (new valuation formula, tiered rates, or allocation methods).
Transition rules, exemptions, and any impact on existing tax relief programs.
Implementation timeline and any required rulemaking.

If you’d like, I can locate the exact bill text and provide a more detailed, line-by-line summary of provisions.