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IN SB0021
Bill
Status
1/3/2018
Primary Sponsor
Joseph Zakas
Click for details
AI Summary
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Annual adjustment factors that would increase homestead assessed values by more than 10% trigger mandatory state review by the Division of Data Analysis within the Department of Local Government Finance
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Assessing officials must submit sales data used in ratio studies, explanations of how comparable properties relate to affected homesteads, and neighborhood delineation descriptions when the 10% threshold is exceeded
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The Division reviews whether the adjustment factor was correctly calculated, whether comparable properties were appropriate, whether neighborhood groupings are adequate, and whether outlier ratios were improperly used
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If the Division determines the adjustment factor was incorrectly calculated or needs modification, it must certify corrective instructions to the assessing official
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Applies to assessment dates after December 31, 2017, and takes effect immediately upon passage as emergency legislation
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
1/3/2018