summary
Introduced
02/06/2026
02/06/2026
In Committee
02/06/2026
02/06/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Property Tax Code. Creates the Site Value Tax Law within the Property Tax Code. Provides that each taxing district may, by ordinance, levy a site value tax upon the assessed value of land within the taxing district. Provides that "assessed value" means 33 1/3% of the fair cash value of the land, without regard to buildings, structures, improvements, or other permanent fixtures on the land, except for the value of oil, gas, coal, and other minerals in the land and the right to remove such oil, gas, coal, and other minerals from the land. Contains provisions concerning enforcement and collection. Effective immediately.
AI Summary
This bill, titled the Site Value Tax Law, allows any taxing district, such as a city or county, to choose to implement a new type of property tax by passing an ordinance. This new tax would be levied on the "assessed value" of land, which is defined as one-third of the land's fair market value, excluding any buildings, structures, or improvements on it, but including the value of any oil, gas, coal, or other minerals within the land and the right to extract them. The bill also outlines that the collection and enforcement of this site value tax will follow the existing procedures for property taxes, meaning taxpayers will have the same deadlines, rights, and remedies as they do for regular property taxes.
Sponsors (1)
Last Action
Referred to Assignments (on 02/06/2026)
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