House Sponsors: GIGLIO AND JONES,JOHN. Short description: PROP TX-CAP ASSESSMENTS-5% Synopsis of Bill as introduced: Amends the Property Tax Code. Provides that beginning with the 1999 levy year, in making assessments under this Code, the assessor shall not increase the assessed value of a tract or lot of land by more than 5% over the assessed value of the tract or lot of land in the previous year unless (i) the amount of the increase in value that exceeds 5% is due to new or added buildings, structures, or other improvements of any kind whose value was not previously added to or included in the valuation of the tract or lot or (ii) the amount of the increase in value that exceeds 5% was established in the sale of the property in an arms length transaction. Effective immediately. HOUSING AFFORDABILITY NOTE (Housing Development Authority) There is insufficient information to determine a fiscal effect on the cost of constructing, purchasing, owning or selling a single-family residence. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status