Bill > S474

Introduced Session

This bill would permit a municipality to adopt an ordinance declaring an area to be in need of rehabilitation if dwellings within the area were damaged by a natural disaster for which a state of emergency has been declared by the President of the United States or the Governor. Under current law, municipalities may provide property taxpayers a short-term property tax exemption or abatement on dwellings in areas in need of rehabilitation for a period of five years. An ordinance adopted under the bill would have to require that, in determining the value of an exemption, the assessor consider the additional value to those dwellings that is directly attributable to the additional space under those dwellings created by the elevation of those dwellings as not increasing the taxable value of those properties for a period of five years, notwithstanding that the market value of the real property to which the improvements are made is increased thereby. The ordinance may provide for a reduction of the exemption for each year of the exemption period. The bill also clarifies that during the exemption period, increases in value to dwellings that are not directly attributable to the additional space under dwellings created by the elevation of those dwellings, and which increase the value of those dwellings, must be reflected in the assessed value of those dwellings. The bill also requires that certain property tax notices include the value of an exemption granted under an ordinance adopted pursuant to the bill.

Committee Categories

Jim Holzapfel (R)*,  Patrick Diegnan (D), 

Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/09/2024)

Official Document