SB2062 Summary

• Requires owners of income-producing properties to file physical descriptions with the chief county assessor within 120 days of the bill's effective date (for counties with 3,000,000+ inhabitants) or within 120 days of county board adoption of a resolution (for other counties).

• Property owners must update filings within 120 days of any material change in the property's physical description.

• Penalties of up to 0.025% of prior year's market value (maximum $1,000 per property) apply to owners who fail to submit required descriptions or adequately explain non-compliance.

• Exempts properties valued at $500,000 or less, residential properties with 6 or fewer units, hospital and nursing home facilities, certain stadiums, and state-assessed properties from filing requirements.

• Establishes appeals process allowing property owners to request hearings before a hearing officer and subsequent appeal to circuit court, with penalties accruing 0.05% monthly interest after 21 days if owner is unsuccessful.