SECTION 3. Section 126030(19) of the 1976 Code is amended to read: tax a valuation or “(19) ‘Property assessment’ means determination of property value for annual property tax purposes arrived at by multiplying the fair market value, as limited pursuant to Section 12373140(B), or special use value of the property by the appropriate assessment ratio for the taxable property’s classification.” SECTION 4. This act takes effect upon approval by the Governor and applies to real property transfers after December 31, 2006. Property tax assessors shall conform the values of parcels of real property which underwent an assessable transfer of interest in 2007, 2008, 2009, 2010, and 2011 before the effective date of this act, to the fair market value of these parcels as that value may have been adjusted to reflect the provisions of Section 12-37-3135 of the 1976 Code, as added by this act. No refund is allowed on account of values adjusted as provided in this section. XX
SECTION 3. Section 126030(19) of the 1976 Code is amended to read: “(19) ‘Property tax assessment’ means a valuation or determination of property value for annual property tax purposes arrived at by multiplying the fair market value, as limited pursuant to Section 12373140(B), or special use value of the property by the appropriate assessment ratio for the taxable property’s classification.” SECTION 4. This act takes effect upon approval by the Governor and applies to real property transfers after December 31, 2006. Property tax assessors shall conform the values of parcels of real property which underwent an assessable transfer of interest in 2007, 2008, 2009, 2010, and 2011 before the effective date of this act, to the fair market value of these parcels as that value may have been adjusted to reflect the provisions of Section 12-37-3135 of the 1976 Code, as added by this act. No refund is allowed on account of values adjusted as provided in this section. XX
3713_20110407.docx