Ad valorem taxes, reappraisal of Class II and Class III property every three years

Summary

The bill forces counties to reappraise commercial (Class II) and industrial (Class III) real property at least once every three years. If a new appraisal shows a higher value, the resulting higher tax assessment must be phased in equally over the following three years. It is intended to keep property tax values current while avoiding sudden tax spikes.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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