property tax; definitions

Summary

The bill rewrites key terms in the state’s property‑tax code, including clear definitions of “full cash value,” “market value,” and “current use.” It tells county assessors how to identify a property’s current use and requires that full cash value never exceed market value. The changes affect property owners, assessors and local taxing entities by standardizing how property values are calculated for tax purposes.

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

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