SB 3694

Abstract

Amends the Property Tax Code. Provides that, beginning in taxable year 2021, the assessed value of any parcel of residential real property may not exceed the assessed value of that property for the immediately preceding assessment year by more than the percentage change in the Consumer Price Index unless improvements have been made to the property requiring a building permit or ownership of the property has been transferred due to a sale since the property's last general assessment. Effective immediately.