42-13301

42-13301. Limited property value

A. The limited property value of property for primary property taxation purposes is
the limited property value of the property in the preceding valuation year plus the
greater of either:

1. Ten per cent of that value.

2. Twenty-five per cent of the difference between the full cash value of the parcel
in the current valuation year and the limited value of the parcel in the preceding
valuation year.

B. The current limited value of a parcel of property shall not exceed its current
full cash value.

C. The limited property value of a parcel of property shall be determined and shown
on notices and tax rolls as the total limited property value of the property. Separate
determinations shall not be made for the limited property value of land and for the
improvements on the land in reference to property parcels.