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Committee discusses enacting an 8.3% assessment rate for residential real property; asks for county-level fiscal notes
Summary
Staff presented a draft to implement a constitutional requirement to value residential real property at a new tier; the department said the change is technically feasible but the committee asked for a county-by-county fiscal breakdown before further action.
The committee reviewed 26LSO103, a draft bill to implement the constitutional requirement created by Amendment A and to set a residential real property assessment rate at 8.3 percent. LSO explained the draft would add a new property category — "residential real property" — defined to include dwellings for up to three families and associated residential land owned by the dwelling owner, and set the taxable value (assessment rate) for that class at 8.3 percent effective…
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