HB0860 Summary

• Requires income-producing property owners in counties with 3,000,000+ inhabitants to submit annual income and expense data to the chief county assessment officer by July 1 (September 1 in first year after enactment).

• Allows county boards in counties with fewer than 3,000,000 inhabitants to optionally require income and expense data submissions by March 31 each year via ordinance or resolution.

• Excludes properties with market value of $500,000 or less, residential properties with 6 or fewer dwelling units, hospitals, nursing homes, and certain other property types from reporting requirements.

• Imposes penalty of 0.025% of prior year's market value (maximum $10,000 per property) for taxpayers who fail to submit required data within 60 days of notice, with interest accruing at 0.05% monthly after hearing decision.

• Requires county assessment officers to compile and anonymize income and expense data for public use in property assessments while protecting individual taxpayer privacy and establishing security measures consistent with federal information security standards.