Bill > SB3627

This bill amends the Property Tax Code to create valuation procedures for eligible energy storage systems. An "eligible energy storage system" is defined as commercially available technology capable of storing up to 2 megawatts of energy for later use, including electrochemical, thermal, and electromechanical technologies. The bill provides a formula for determining the fair cash value of these systems, considering factors like the 2021 real property cost basis, allowance for physical depreciation, and potential functional or external obsolescence. The provisions of the bill apply from 2021 through 2040 and do not apply to systems owned by tax-exempt entities. The bill also requires owners to plat the system's surrounding area and obtain a separate parcel identification number from the chief county assessment officer.