The assessor shall determine the new base year value for the
portion of any taxable real property which has been newly
constructed.  The base year value of the remainder of the property
assessed, which did not undergo new construction, shall not be
changed.  New construction in progress on the lien date shall be
appraised at its full value on such date and each lien date
thereafter until the date of completion, at which time the entire
portion of property which is newly constructed shall be reappraised
at its full value.

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Last modified: July 31, 2008