2023 Property Tax Year Updated Abstract

Under current law, a county assessor is required to complete an assessment roll of all taxable property within the assessor's county and an accompanying abstract of assessment (abstract). Depending on whether a county has elected to use an alternate protest and appeal procedure to determine objections and protests concerning valuations of taxable property, the county assessor is required to complete the assessment roll and abstract on or before either August 25 or November 21 of every year.

During the first extraordinary session of the seventy-fourth general assembly, which occurred in November 2023, the general assembly enacted Senate Bill 23B-001 (SB 001), and the governor signed SB 001 into law on November 20, 2023. SB 001 modified the valuation for assessment for residential real property for the 2023 property tax year and accordingly rendered inaccurate the abstracts completed on or before August 25, 2023, and November 21, 2023.

The bill requires a county assessor to prepare an updated abstract and file a copy of that abstract, along with updated versions of other information that a county assessor is required to append to an abstract, with the property tax administrator no later than February 20, 2024.

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)