House Bill 5077 Summary

• Extends the deadline for mailing assessment notices from 14 days to 30 days before the board of review meeting.

• Requires assessment notices to include state equalized valuation for the prior year, tentative state equalized valuation for the current year, and the net change between them.

• Mandates inclusion of property classification, inflation rate for the preceding year, and a state tax commission statement explaining the relationship between state equalized valuation and taxable value.

• Requires notices to include a statement about ownership transfers and their effect on taxable value, and a statement regarding principal residence exemption affidavit filing deadlines.

• Directs the state tax commission to prepare a model assessment notice form for use by local units of government.