Act amending Title 11 of the Guam Code (P.L. 27-21)

Public Law 27-21 file:///D/HTML/gum68374.htm[15.01.2025 17:38:05] PUBLIC LAW 27-21 MINA'BENTE SIETE NA LIHESLATURAN GUÅHAN 2003 (First) Regular Session Bill No. 118 (COR) Introduced by: Committee on Economic Development, Retirement, Investments, Public Works & Regulatory Functions By request of I Maga’lahen Guåhan, the Governor of Guam, in accordance with the Organic Act of Guam, as amended AN ACT TO AMEND §24306 OF TITLE 11, GUAM CODE ANNOTATED, RELATIVE TO THE VALUATION OF REAL PROPERTY IN GUAM AND TO ADD A NEW §24102(l) TO TITLE 11, GUAM CODE ANNOTATED, RELATIVE TO CERTIFICATION OF THE AGGREGATE TAX VALUATION OF THE PROPERTY IN GUAM. BE IT ENACTED BY THE PEOPLE OF GUAM: Section 1. §24306 of Article 3, Title 11, Guam Code Annotated, is hereby amended to read as follows: “§24306. Same: Valuation. For the calendar year 1977, the valuation of all property shall be the 1978 valuation as shown on the assessment roll of the government for 1976, provided, however, that in instances where property has been either improved or suffered loss in 1977, the assessor shall take into consideration such improvement or loss and adjust the assessment roll for such property accordingly. Commencing with the first Monday in March of 1978 and continuing every three (3) years thereafter, the assessor shall reascertain the value of all property in Guam and such valuation shall be used as the basis for assessment during the annual adjustments for property which has been either improved or suffered loss, as provided by §24307. Notwithstanding any other provision of law, if the valuation provided for in this §24306 is not reascertained every three (3) years as required by this Section, then the last completed valuation as supplemented by the annual adjustments provided for in §24307 shall be the property tax valuation used under this Chapter.” Section 2. A new §24102(l) is hereby added to Title 11 of the Guam Code Annotated: “(l) Aggregate tax valuation. In the event that certification of the aggregate tax valuation of the property in Guam, as set forth in §11 of the Organic Act of Guam (48 U.S.C. §1423a), is required, then the aggregate tax valuation of the property in Guam shall be certified as being one hundred percent (100%) of the appraised value of the property on Guam based on the last completed valuation conducted pursuant to §24306, Title 11, Guam Code Annotated, as supplemented by the annual adjustments provided for in §24307, Title 11, Guam Code Annotated.” Section 3. Effective Date. The provisions of this Act do not constitute a change in law, are declaratory of existing law, and shall apply retrospectively and shall be effective as of the date of the last completed valuation conducted under Article 3, Title 11, Guam Code Annotated. Section 4. Severability. If any provision of this Law or its application to any person or circumstance is found to be invalid or contrary to law, such invalidity shall not affect other provisions or applications of this Law which can be given effect without the invalid provisions or application, and to this end the provisions of this Law are severable.