IN SB0054

County assessors must prepare and submit reassessment plans to the Department of Local Government Finance (DLGF) dividing all parcels into groups, with each group containing at least 25% of parcels within each property class to be reassessed once every four years

The first reassessment cycle under county plans must begin July 1, 2011, with completion by March 1, 2012, and each reassessment must include a physical inspection of every parcel in the group being assessed

Petitions for reassessment of a parcel group require signatures from either 100 property owners or 5% of property owners in the group, filed within 45 days of assessment notice

County assessors must determine land values for commercial, industrial, and residential property by July 1, 2011, and every fourth year thereafter, with property owners able to petition DLGF for review of those values

Repeals the existing statute requiring a general reassessment of real property to begin in 2010, replacing statewide general reassessment with the new county-based cyclical reassessment system