SB 1519 - This act provides that, beginning with the 2025 reassessment year, the true value in money of residential real property shall be equal to the amount paid to obtain title to such property by the taxpayer owning such property as of January first of the year of reassessment. The true value in money of such property in each successive reassessment year shall be determined by applying the depreciation schedule provided in the act to the value determined during the 2025 reassessment year. For residential real property that is sold subsequent to the 2025 reassessment year, the true value in money for such property shall be equal to the amount paid to obtain title to such property by the taxpayer purchasing such property. The true value in money of such property in each successive reassessment year shall be determined by applying the depreciation schedule provided in the act to the value determined during the year such property was purchased by the taxpayer owning such property as of January first of the year of reassessment.
This act is identical to SB 682 (2023).
JOSH NORBERG