Eliminates a requirement that county assessors appraise and provide notice of valuation changes involving publicly owned property. This act also alters the credits allowed in determining the tax payable for the purpose of the leasehold excise tax. (See also HB 1575).   Official Text and Analysis.

Modifies the bill title to adequately describe provisions in the bill. The title in the recommended substitute is: "An Act Relating to administration of taxes regarding publicly owned property".

Eliminates the requirement to appraise publicly owned property not subject to property tax. However, when the exempt status no longer applies as a result of a sale or change in use, the assessor must value and list the property as of the January 1 assessment date for the year of the status change. The owner or person responsible for paying taxes may thereafter petition the county board of equalization for a change in the assessed value. Language is deleted that authorizes a leasehold excise tax credit for certain leasehold interests for the amount, if any, that the tax exceeds the property tax applicable if the property were privately owned by the lessee or sublessee.

Removes from statute a requirement that county assessors annually assess and send out real property valuation notices for publicly owned property that is exempt from taxation. Requires county assessors to value and list certain property that, as a result of a sale or change in use, is no longer exempt from taxation, beginning January 1 of the year in which the exempt status changes. Eliminates a leasehold excise tax credit for certain leasehold interests in publicly owned real or personal property.