Bill
HB 1380
Overview: HB 1380, requiring the assessment of real property and land be based on replacement or cost-based value, to be introduced on 01/07/2026 and referred to Municipal and Coun
Overview: HB 1380, requiring the assessment of real property and land be based on replacement or cost-based value, to be introduced on 01/07/2026 and referred to Municipal and County Government, introduced on November 18, 2024.
Purpose and Intent: The main goal of this bill is to change the basis for assessing the value of real property and land from the current market-based approach to a replacement or cost-based valuation method. This is intended to provide a more accurate and equitable assessment of property values, particularly in areas with rapidly rising real estate prices.
Key Provisions:
- Requires all real property and land to be assessed based on the replacement or cost-based value, rather than the current market-based approach
- Defines "replacement or cost-based value" as the estimated cost to construct a similar property or develop similar land, including the value of the land
- Directs local governments to implement the new valuation method within a specified timeframe
Affected Parties and Impacts: This bill would impact all property owners, as their property assessments and corresponding tax liabilities would be based on the replacement or cost-based value rather than the current market value. It could also affect local government revenue and budgeting, as the new valuation method may result in changes to property tax collections.
Procedural and Timeline Considerations: The bill is currently scheduled to be introduced on 01/07/2026 and referred to the Municipal and County Government committee for consideration.
Compiled from official sources — confirm details with the bill’s official record.
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