CS/CS/HB 499 - Ad Valorem Taxation

• Establishes June 1 deadline for value adjustment boards to complete all hearings and certify assessment rolls, extendable to December 1 if petitions increase by more than 10 percent from previous year.

• Requires property appraisers to serve notice of intent to record tax liens at least 30 days before filing, allowing taxpayers time to pay back taxes, penalties, and interest to avoid lien placement; prohibits penalties and interest for improper grants resulting from clerical mistakes or omissions.

• Revises value adjustment board procedures including requiring petitioners to timely file tax returns to contest assessments, allowing single rescheduling of hearings for good cause, and providing property record cards with confidential information redacted to petitioners.

• Changes interest rate calculations on unpaid and overpaid ad valorem taxes from fixed 12 percent annually to bank prime loan rate (defined as average predominant prime rate quoted by commercial banks published by Federal Reserve Board of Governors).

• Extends deadlines for certain counties to adopt or certify non-ad valorem assessment rolls to September 25 and modifies school district Prior Period Funding Adjustment Millage calculation provisions.