Summary as Introduced
Amends the Property Tax Code. Provides that the assessed value of non-income producing wooded acreage property may not exceed the product of the assessed value of the property for the immediately preceding assessment year multiplied by 104%. Effective immediately.
Staff Analysis
This bill was likely introduced to address an issue created by a state law enacted in 2007 requiring woodland tracts to be taxed like homes. The law was incorrectly implemented, and enforcing it correctly will result in a significant property tax increase on owners of woodland property.