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IN SB0254
Bill
Status
1/7/2016
Primary Sponsor
Joseph Zakas
Click for details
AI Summary
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Requires assessing officials to submit data to the division of data analysis when an annual adjustment factor would increase homestead assessed values by more than 10%
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Assessing officials must provide sale data used in ratio studies and value calibration analyses, along with explanations of property comparability and neighborhood delineation applicable to affected homesteads
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Division of data analysis must review submissions to determine whether the annual adjustment factor was correctly calculated, whether comparable properties were actually comparable, whether neighborhood delineation was appropriate, and whether any outlier ratios were improperly used
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If the division determines the annual adjustment factor was incorrectly calculated or needs adjustment, the division must certify the necessary information and instructions to the assessing official for correction
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Effective date: July 1, 2016
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
1/7/2016