IN HB1286

Requires sales ratio studies to identify the specific sales adjustment factor used for each property sale included in the study, effective for studies prepared after December 31, 2011

Limits retroactive reassessments of undervalued property to situations involving physical changes to the property, rather than allowing reassessment for any undervaluation

Mandates the Department of Local Government Finance adopt rules by March 1, 2012 governing information gathering and processing for income capitalization and gross rent multiplier assessment methods

Voids any department rules, appraisal manuals, bulletins, or directives that conflict with the property tax assessment statute

Requires that when an assessing official fails to comply with statutory appeal procedures or cannot prove the validity of an assessment change, the assessed value must revert to the previously determined value