Staff Analysis of the Legislation
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This bill amends the definition of 'fair market value' for ad valorem tax purposes. Currently, the income approach is required to be used if data is available and the bill will change this standard to merely being 'considered' rather than required. Also, under current law, if the owner voluntarily supplies actual income and expense data, it is required to be considered. The bill will change this standard to the data merely being one component of the fair market value determination. |
