Property Tax - Petition to Review Value of Commercial Real Property

Summary

The bill allows a county or municipal corporation to file a petition to review the assessed value of commercial real estate that has been sold to a new owner if the sale price is at least 20% higher than the previous sale price. Property owners retain the existing right to appeal assessments. The measure seeks to keep tax valuations aligned with rapid market changes.

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

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