UPDATE: This legislation is scheduled for hearing by the Committee on Revenue and Taxation on 4-10-24.
SB-1164 was introduced by Senator Newman on 2-14-2024.
This bill would exclude the construction of accessory dwelling units (ADU's) from being taxed as "new construction" until 15 years have passed since the construction of the ADU was completed or there is a subsequent change in ownership of the unit.
Property Owners would be required to notify the assessor of their intent to claim the property tax exclusion within 30 days of the completion of the project.
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