SF0153HW001

This amendment differentiates the taxable value assessment rate for owner-occupied primary residences from other residential real property, and adds a fair market value cap for commercial property.

• Replaces the single 9.5% taxable value rate for all residential real property with a two-tier structure: 9.5% for residential real property generally, and 8.3% for owner-occupied primary residences. (Page 2, lines 10-12)
• Adds a fair market value limitation of not more than $5,000,000 to the definition of commercial property subject to the taxable value assessment. (Page 2, line 20)
• Replaces the single 9.5% taxable value rate for all residential real property in the second statutory section with the same two-tier structure: 9.5% for residential real property generally, and 8.3% for owner-occupied primary residences. (Page 3, lines 18-20)

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