Modifies provisions relating to property assessments

SB 1212 - Current law requires assessors to assess personal property at a rate of 33.3% of true value, and residential, agricultural, and all other real property at rates of 19%, 12%, and 32%, respectively. For all tax years beginning on or after January 1, 2027, this act requires the State Tax Commission to calculate the total assessed valuation for each subclass of real property, individually, and for personal property, in the aggregate. If such amount for a class or subclass exceeds such amount from the previous year for such class or subclass by more than the percent increase in inflation or five percent, whichever is less, the State Tax Commission shall adjust the assessment percentage for that class or subclass of property so that the total assessed value for that class or subclass does not exceed the amount from the previous year plus the allowable growth factor.