Modifies property tax assessment, levy rates, bonding procedures, and assessment protests.

This bill modifies the methodology for determining the actual value of property, assessment limitations, and certain levy rates. It sets the actual value of residential, commercial, and industrial property at 100% of its value for the preceding assessment year, with exceptions for changes in ownership, boundaries, or improvements. It also adjusts assessment limitations for residential and agricultural property, and modifies levy rates for governmental entities.

Modifies property tax assessment, levy rates, bonding procedures, and assessment protests.

This bill modifies the methodology for determining the actual value of property, assessment limitations, and certain levy rates. It sets the actual value of residential, commercial, and industrial property at 100% of its value for the preceding assessment year, with exceptions for changes in ownership, boundaries, or improvements. It also adjusts assessment limitations for residential and agricultural property, and modifies levy rates for governmental entities.