IN HB1257

Transfers responsibility for establishing market factors used in annual property tax assessment adjustments from local assessing officials to the Department of Local Government Finance (DLGF), effective January 16, 2010 (retroactive)

Requires DLGF to base market factors on analysis of value changes in large samples of similarly situated properties across multiple counties, applying the same factors to similar properties within a county and potentially across contiguous counties

Mandates that the mass appraisal methodology promote uniform assessment, simplify valuation methods for public understanding, estimate values separately by property class, and use the smallest number of market factors necessary

Allows county assessors to adjust DLGF-established market factors only with DLGF approval

Maintains the six-year rolling average methodology for determining agricultural land base rates and preserves taxpayers' ability to use any evidence to demonstrate true tax value in appeals