Synopsis As Introduced Amends the Property Tax Code. In provisions concerning the platting and subdividing of property into lots in counties with less than 3,000,000 inhabitants, provides that, prior to the initial sale of any platted lot, the assessed valuation of platted and subdivided property that (i) does not contain a completed habitable structure and (ii) is not used for business, commercial, or residential purposes shall be the assessed value assigned to the property when last assessed prior to its last transfer or conveyance. These changes apply only through December 31, 2011. Makes other changes. Effective immediately.