Overview: LC 1888, Revise appraisal process for centrally assessed property, (LC) Draft Ready for Delivery, Introduced November 22, 2024
Purpose and Intent: The intent of this bill is to modify the appraisal process for centrally assessed property, which includes utilities, railroads, airlines, and other large-scale commercial operations that cross county lines.
Key Provisions:
- Requires the Department of Revenue to use a cost-based approach when appraising centrally assessed property, rather than the current market-based approach
- Mandates the Department to consider the original cost, age, condition, and other factors when determining property values
- Allows centrally assessed companies to appeal their appraised values to the State Tax Appeal Board
Affected Parties and Impacts: This bill would primarily impact the owners of centrally assessed properties, such as utility companies, railroads, and airlines, by potentially lowering their property tax assessments. It could also affect local governments that rely on property tax revenue from these large commercial entities.
Procedural and Timeline Considerations: The bill is currently in the draft stage and ready for delivery to the legislature. If passed, the new appraisal process would take effect for the next property tax cycle.
