This bill would make multiple changes to the assessment/valuation of commercial properties, which studies show are significantly undervalued for tax purposes:

• Tax assessors would be authorized to reassess property that is otherwise subject to the 3-year valuation "freeze" following a tax appeal, if changed market conditions show that the property's value has increased at least 15% over the frozen value, as shown by an income-approach valuation. 
• For tax appeals on commercially used properties valued above $5 million, the taxpayer would be required to provide a list of property-specific data, including financial statements, real estate appraisals, and an itemized list of personal property and fixtures located on the property.
• The bill would eliminate the current requirement that property owners be billed at only 85% of the assessed value if an appeal of that assessment is still pending at the time of billing.
• In cases where the final value determined on appeal is 85% or less than the board of equalization value, the taxpayer's entitlement to the county paying attorney's fees would be limited to 50% of the actual tax savings by the taxpayer, with a maximum award of $30,000. Additionally, no attorney's fees would be awardable if the taxpayer has failed to provide the documentation described above.
• No properties that are subject to the 3-year valuation freeze could be used as a comparable property in determining another property value.