Plain English Breakdown
The official source material does not provide specific details about the consequences of non-compliance or how this bill interacts with other real estate regulations.
Land Sales Disclosure for Property Taxes
This law requires sellers to disclose the yearly property taxes based on the current assessed value of the property when selling land.
What This Bill Does
- Requires sellers to include information about yearly property taxes in a disclosure statement when they sell land.
- The tax amount must be based on the most recent assessed value of the property.
Who It Names or Affects
- People who buy or sell land
Terms To Know
- Assessed value
- The official value of a property that is used to calculate property taxes.
- Seller disclosure statement
- A document sellers must give buyers with information about the condition and history of the property being sold.
Limits and Unknowns
- The bill does not specify what happens if a seller fails to include this information.
- It is unclear how this will affect existing laws or regulations regarding real estate transactions.