Staff Analysis of the Legislation
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This bill changes the definition of fair market value by requiring consideration of the income approach if actual income and expense data is supplied by the taxpayer. The state revenue commissioner is also allowed to prepare such data. The bill also provides new procedures for a taxpayer to allege that the county board of tax assessors has failed to comply with state law or regulations regarding the valuation of property of a strata of property with the result that a county tax digest, or a portion thereof, would not be approved. Further, the bill also changes the method of ad valorem tax appeals and requires the board of equalization, appeal administrator, or hearing officer to provide a copy of the DOR Appraisal Procedures Manual to the taxpayer upon request of the taxpayer. Failure to provide the manual results in the taxpayer's asserted value becoming the fair market value. |
