Property Tax - Petition to Review Value of Commercial Real Property

Summary

The bill lets a county or municipal government file a petition to review the assessed value of commercial real property that has been sold to a new owner if the sale price is at least 20% higher than the previous sale price. Property owners can also file such petitions. The supervisor must hold a hearing, and the Department of Assessments will adopt procedures. The law would take effect on October 1, 2026.

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

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