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Committee approves amendment to keep deceased owners' 4% assessment ratio until estate is closed or year'end
Summary
The Finance Committee amended and favorably reported H 38 41 to preserve a 4% assessment ratio and associated exemptions after a property owner's death until the estate is settled or Dec. 31 of the following year; members debated timing and county practices but agreed the change provides needed clarity.
The Senate Finance Committee approved and reported H 38 41 after adopting a technical change to the bill's effective date.
Presenter explained the bill would keep a decedent's 4% assessment ratio and any property-tax exemptions in place until the estate is settled (on recordation of a deed of distribution) or until Dec. 31 of the year following death, whichever occurs first. The presenter said the change prevents a county assessor from removing the 4% ratio while probate remains open for an extended period.
A committee member objected to the initially proposed effective date; members then approved changing the effective date so the provision applies after the 2025 property-tax year. After discussion about how long estates typically take to close, the committee approved the date change and then passed the bill by voice vote.
Committee discussion clarified that if an assessable transfer of interest occurs (for example a deed of distribution that results in a change of residence), a reassessment could be triggered under existing law. The bill does not alter reassessment triggers; it ensures the preferential 4% assessment and associated exemptions survive until a narrow set of settlement events or the stated calendar cutoff.
The committee reported the bill favorably; the item will proceed to further consideration according to Senate procedures.
