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IN SB0331
Bill
Status
1/9/2017
Primary Sponsor
Joseph Zakas
Click for details
AI Summary
SB 331 Summary
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Applies to assessment dates after December 31, 2016, when an annual adjustment factor would increase homestead assessed value by more than 10%.
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Requires assessing officials to submit sale data, comparability explanations, and neighborhood delineation information to the division of data analysis when triggering the 10% threshold.
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Mandates the division of data analysis to review submitted information and determine whether the adjustment factor was correctly calculated, comparable properties were appropriate, neighborhood delineation was adequate, and outlier ratios were properly used.
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Authorizes the division to certify corrective information and instructions to assessing officials if the annual adjustment factor was incorrectly calculated or otherwise requires adjustment.
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Effective upon passage with an emergency declaration.
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 for property tax purposes: (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
Last Action
First reading: referred to Committee on Appropriations
1/9/2017