(a) After each county-wide reappraisal, as defined by law, and the resulting
assessed value of property for ad valorum tax purposes
and after each Tax Division appraisal and the resulting assessed value of
utility and carrier real property for ad valorem tax
purposes, the county assessor, or other official or officials designated by
law, shall compare the assessed value of each parcel of real property
reappraised or reassessed to the prior year's assessed value. If the assessed
value of the parcel increased, then the assessed value of the parcel shall be
adjusted pursuant to this section.
(b)(1) If the parcel is not a taxpayer's homestead used as the taxpayer's
principal place of residence, then for the first assessment following
reappraisal, any increase in the assessed value of the parcel shall be limited
to not more than ten percent (10%) of the assessed value of the parcel for the
previous year. In each year thereafter the assessed value shall increase by an
additional ten percent (10%) of the assessed value of the parcel for the year
prior to the first assessment that resulted from reappraisal but shall not
exceed the assessed value determined by the reappraisal prior to adjustment
under this subsection. For utility and carrier real property, any annual
increase in the assessed value of the parcel shall be limited to not more than
ten percent (10%) of the assessed value for the previous year.
(2) This subsection (b) does not apply to newly discovered real property, new
construction, or to substantial improvements to real property.
(c)(1) Except as provided in subsection (d), if the parcel is a taxpayer's
homestead used as the taxpayer's principal place of residence then for the
first assessment following reappraisal, any increase in the assessed value of
the parcel shall be limited to not more than five percent (5%) of the assessed
value of the parcel for the previous year. In each year thereafter the assessed
value shall increase by an additional five percent (5%) of the assessed value
of the parcel for the year prior to the first assessment that resulted from
reappraisal but shall not exceed the assessed value determined by the
reappraisal prior to adjustment under this subsection.
(2) This subsection (c) does not apply to newly discovered real property, new
construction, or to substantial improvements to real property.
(d)(1)(A) A homestead used as the taxpayer's principal place of residence
purchased or constructed on or after January 1, 2001 by a disabled person or by
a person sixty-five (65) years of age or older shall be assessed thereafter
based on the lower of the assessed value as of the date of purchase or construction
or a later assessed value.
(B) When a person becomes disabled or reaches sixty-five (65) years of age on
or after January 1, 2001, that person's homestead used as the taxpayer's
principal place of residence shall thereafter be assessed based on the lower of
the assessed value on the person's sixty-fifth birthday, on the date the person
becomes disabled or a later assessed value.
(C) If a person is disabled or is at least sixty-five (65) years of age and
owns a homestead used as the taxpayer's principal place of residence on January
1, 2001, the homestead shall be assessed based on the lower of the assessed
value on January 1, 2001 or a later assessed value.
(2) Residing in a nursing home shall not disqualify a person from the benefits
of this subsection (d).
(3) In instances of joint ownership, if one of the owners qualifies under this
subsection (d), all owners shall receive the benefits of this amendment.
(4) This subsection (d) does not apply to substantial improvements to real
property.
(5) For real property that is subject to Section 2 of this Amendment in lieu of
January 1, 2001, the applicable date for this subsection (d) shall be January 1
of the year following the completion of the adjustments to assessed value
required by Section 2.
Publisher's Notes. The bracketed heading was added by the Publisher.