HB1288 Summary

• Requires income-producing property taxpayers 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 the first year).

• Allows county boards in counties with fewer than 3,000,000 inhabitants to adopt ordinances requiring annual income and expense data submission by March 31.

• Excludes properties valued at $500,000 or less, residential properties with 6 or fewer dwelling units, hospital properties, skilled nursing facilities, and certain other exempt categories from the reporting requirement.

• Imposes a penalty of 0.025% of prior year's market value (capped at $10,000 per property) for failure to submit required data within 60 days of notice, with 0.05% monthly interest on unpaid penalties.

• Requires chief county assessment officers to compile and anonymize income and expense data for use in mass appraisal while protecting individual taxpayer privacy, and mandates reporting to legislative Revenue committees on implementation and property value changes.