Amend the bill, as and if amended, by striking all after the enacting words and inserting:
/ SECTION 1. Section 12-37-3140 of the 1976 Code, as last amended by Act 275 of 2010, is further amended to read:
"SECTION 12-37-3140.
(A)(1) For property tax years beginning after 2006, the
fair market value of real property is its fair market value
applicable for the later of:
(a) the base year, as
defined in subsection (C) of this section;
(b)
subject to the provisions of item (3) of this
subsection, December thirty-first of the year in which an
assessable transfer of interest has occurred;
(c)
as determined on appeal; or
(d)
as it may be adjusted as determined in a countywide
reassessment program conducted pursuant to Section 12-43-217,
but limited to increases in such value as provided in subsection
(B) of this section.
(2)
To the fair market value of real property as determined at
the time provided in item (1) of this subsection, there must be
added the fair market value of subsequent improvements and
additions to the property.
(3)
If a parcel of real property which has had no further
improvement since the most recent countywide reassessment
program was implemented undergoes an assessable transfer of
interest, the implementation of the transfer value as determined
pursuant to item (1)(b) of this subsection is postponed until
the property tax year of implementation of the next countywide
assessment program and that transfer value is the value to which
the limit on increases in fair market value provided pursuant to
subsection (B) of this section applies.
(B) Any increase in the
fair market value of real property attributable to the periodic
countywide appraisal and equalization program implemented
pursuant to Section 12-43-217 or as implemented pursuant to
subsection (A)(3) of this section is limited to fifteen
percent within a five-year period to the otherwise applicable
fair market value. This limit must be calculated on the land
and improvements as a whole. However, this limit does not apply
to the fair market value of additions or improvements to real
property in the year those additions or improvements are first
subject to property tax, nor do they does
the limit apply to the fair market value of real property
when an assessable transfer of interest occurred in the year
that the transfer value is first subject to tax.
(C) For purposes of
determining a "base year" fair market value pursuant
to this section, the fair market value of real property is its
appraised value applicable for property tax year 2007.
(D) Real property
valued by the unit valuation concept is excluded from the limits
provided pursuant to subsection (B) of this section.
(E) Value attributable
to additions and improvements, and changes in value resulting
from assessable transfers of interest occurring in a property
tax year are first subject to property tax in the following tax
year except as provided pursuant to subsection (A)(3) of this
section and Section 12-37-670(B)."
SECTION 2. This act takes effect upon approval by the Governor and applies for property tax years beginning after 2010. /
Renumber sections to conform.
Amend title to conform.