Property Tax - Submission of Building Permits to Supervisor of Assessments - Estimated Construction Cost

This bill requires local building permit offices to send the estimated construction cost along with the permit copy to the county supervisor of assessments. The primary goal is to provide property tax assessors with more accurate data about a building's value at the time of construction. This change directly affects construction companies and permit issuers who must now include cost estimates in their submissions. The law takes effect on July 1, 2024, and aims to improve the accuracy of property tax assessments by ensuring assessors have access to specific cost information earlier in the building process.