HB 1088 Summary

• Requires county assessors to prepare reassessment plans dividing all real property into groups containing approximately 25% of parcels within each property class, with reassessment occurring once every four-year cycle.

• First group reassessment begins July 1, 2011 and must be completed by March 1, 2012; subsequent groups follow the four-year rotating schedule beginning July 1 of designated years.

• Modifies petition procedures so petitions for reassessment of a group must be filed within 45 days of assessment notice and signed by either 100 property owners or 5% of owners in that group.

• Allows county assessors to petition department of local government finance regarding land value determinations, with petition requirements of 100 property owners or 5% of county property owners.

• Repeals the statute requiring a general reassessment to begin in 2010, replacing the previous system with the new rotating group-based reassessment plan effective January 1, 2011.