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IN SB0525
Bill
Status
1/14/2015
Primary Sponsor
Joseph Zakas
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AI Summary
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Requires assessing officials to submit sale data and comparable property analysis to the Division of Data Analysis when applying an annual adjustment factor that would increase homestead assessed values by more than 10%
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Mandates the Division of Data Analysis review submitted information to determine whether the annual adjustment factor was correctly calculated and whether comparable properties and neighborhood delineations were appropriate
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Authorizes the Division of Data Analysis to certify corrective information and instructions to assessing officials if the annual adjustment factor was incorrectly calculated or needs adjustment
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Applies to assessment dates after February 28, 2015
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Becomes effective July 1, 2015
Legislative Description
Property tax assessment. Provides the following if the application of an annual adjustment factor derived by an assessing official would result in an increase of more than 10% in the assessed value of one or more homesteads: (1) The assessing official shall submit certain information to the division of data analysis (division) of the department of local government finance. (2) The division shall review the information submitted and make a determination of whether the annual adjustment factor was correctly calculated or is otherwise inappropriate. (3) If the division determines that the annual adjustment factor to be applied to the homestead
Last Action
First Reading: referred to Committee on Appropriations
1/14/2015