Ad valorem tax; prescribing valuation method for certain real property for certain period. Effective date.

Removed Senate-specific amendment instructions and signatures that were no longer needed once the bill moved to the House floor.

Changed the document header from 'Senate Chamber' to 'House of Representatives - Floor Version' to reflect the bill's current legislative stage.

Added the complete, finalized text of Section 1, which defines key property tax terms such as 'fair cash value', 'cost approach', and 'economic obsolescence'.

The document structure was altered to include committee substitute markers, updated page headers, and adjusted line breaks, but the actual legal definitions and amendments to the tax code were not modified.

Added a new sponsor, Schreiber, to the list of House co-sponsors and included a formal 'SUBJECT' line for the enrolled version.

Reformatted the definition of 'Cost approach' and its sub-clauses regarding depreciation types to improve readability and structure.

Added a new definition for 'Parcel' to clarify what constitutes a single unit of land for tax purposes.

Added new definitions for 'Equalization' and 'Equalization ratio study' to clarify the process of adjusting property values based on market data.

Removed original page headers, page numbers, and formatting artifacts that were present in the introduced version.

Adjusted the bill's title line to reflect the 'Engrossed' status and added the name of the House sponsor.