Amends existing law to revise property tax exemption criteria for property that is a component of real property and is a single family dwelling.

This bill partially restores and partially returns property tax revenue back to counties and cities that have significant new development growth by reducing the period of time that the 63-602W exemption can be used and reduces the improvement exemption value to a more realistic value based upon our now recovered economy while still preserving a significant portion of the exemption. The change still preserves the ability of the developer to submit a comparative market analysis to substantiate a higher exemption. The prior historical adjustment to the exemption was made in response to the economic down turn which has since been abated.