Substitute Bill No. 7368 Summary

• Defines key terms related to property revaluation including "system" (computer-aided mass appraisal software), "system provider" (company providing the system), and "agent" (certified revaluation company).

• Requires system providers to give revaluation agents free access to all data, databases, and systems maintained for towns they work with, in unencrypted electronic format matching the town's format.

• Maintains existing requirement that towns conduct property revaluations every five years using generally accepted mass appraisal methods, with field reviews and majority board approval of valuations.

• Establishes that assessors must conduct full inspections of improved properties once every ten years, or may use questionnaires with quality assurance programs to reduce required inspections if data verification is satisfactory.

• Requires public inspection access to revaluation criteria, guidelines, price schedules, and property sales data, with assessors documenting in writing any changes made to revaluation company valuations.