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2010 SESSION

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HB 430 Real property tax assessment; Department of Taxation to establish qualifications for certification.

Introduced by: H. Morgan Griffith | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Real property tax assessment.  Provides (i) that the fair market value of certain affordable housing be determined using the income approach, based on the property's current use and restrictions; (ii) additional requirements for real property appraisers; (iii) that a locality's real property sales assessment ratio higher than 130 percent is prima facie proof that the locality has failed to assess at 100 percent of fair market value; (iv) taxpayers access to certain information related to assessments; (v) additional requirements related to boards of equalization; and (vi) that the local assessing officer provide notice of any request to increase an assessment for commercial, multifamily residential, or industrial property assessments that are already being appealed.

SUMMARY AS PASSED HOUSE:

Real property tax assessment.  Provides (i) that the fair market value of certain affordable housing be determined using the income approach, based on the property's current use and restrictions; (ii) additional requirements for real property appraisers; (iii) that a locality's real property sales assessment ratio higher than 130 percent is prima facie proof that the locality has failed to assess at 100 percent of fair market value; (iii) taxpayers access to certain information related to assessments; and (iv) additional requirements related to boards of equalization.

SUMMARY AS INTRODUCED:

Real property tax assessment.  Provides (i) that the fair market value of certain affordable housing be determined using income production assessment methodology, based on the property's current use and restrictions; (ii) additional requirements for real estate assessors; (iii) that a locality's real property sales assessment ratio higher than 110 percent is prima facie proof that the locality has failed to assess at 100 percent of fair market value; (iii) taxpayers access to certain information related to assessments; and (iv) additional requirements related to boards of equalization.