House Journal: Page 2136: Tuesday, June 3, 2003
24 limitation for that year, divided by the total number
25 of square feet of the structure as of January 1, 2005.
26 b. (1) The assessed value per square foot of an
27 existing commercial or industrial structure purchased
28 after January 1, 2005, shall be the purchase price of
29 the structure divided by the cumulative inflation
30 factor established for the assessment year following
31 the year of purchase, divided by the total number of
32 square feet of the structure as of January 1 of the
33 assessment year. The assessed value per square foot
34 of a commercial or industrial structure newly
35 constructed after January 1, 2005, shall be the market
36 value of the structure, as determined by the assessor,
37 divided by the cumulative inflation factor established
38 for the assessment year following the year
39 construction was completed, divided by the total
40 number of square feet of the structure as of January 1
41 of the assessment year. However, when valuing an
42 addition that substantially increases the square
43 footage of a structure, only that portion of the
44 structure comprising the addition shall be valued by
45 the assessor under this subparagraph.
46 (2) If additions or modifications to an existing
47 structure do not constitute a newly constructed
48 structure, the valuation of the structure shall only
49 increase if the square footage of the structure
50 increases. The increased valuation, if any, equals
Page 4
1 the amount of increased square feet times the value
2 per square foot of the structure prior to the
3 additions or modifications.
4 4. a. Subject to paragraph "b" for valuations
5 established as of January 1, 2006, and for subsequent
6 assessment years, the assessed value per square foot
7 of an agricultural structure that is not an
8 agricultural dwelling shall be an amount equal to the
9 valuation of the structure as determined for the
10 assessment year beginning January 1, 2005, prior to
11 application of the assessment limitation for that
12 year, divided by the total number of square feet of
13 the structure as of January 1, 2005.
14 b. (1) The assessed value per square foot of an
15 existing agricultural structure purchased after
16 January 1, 2005, shall be the productivity value of
17 the structure divided by the cumulative inflation
18 factor established for the assessment year following
19 the year of purchase, divided by the total number of
20 square feet of the structure as of January 1 of the
21 assessment year. The assessed value per square foot
22 of an agricultural structure newly constructed after
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