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2003 SESSION

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HB 2503 Real estate appeals to Boards of Equalization and circuit court.

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

SUMMARY AS PASSED: (all summaries)

Real estate appeals to Boards of Equalization and circuit court. Makes several changes to the current process for appealing real estate assessments. For purposes of appeals to a board of equalization, the bill provides that there shall be a presumption that the valuation of real estate as determined by the local assessing officer is correct, and the taxpayer must produce substantial evidence that the valuation of his real estate is erroneous and was not arrived at in accordance with generally accepted appraisal practice in order to receive relief from the board. The bill does not change current law in regard to the burden of proof and standard of proof that a taxpayer must produce in circuit court.

The bill permits taxpayers to make fair market value appeals to a board of equalization. It also limits to 9 the number of years of consecutive service that a person may sit as a member of a board of equalization. Thirty percent of the members of boards of equalization shall be commercial or residential real estate appraisers, other real estate professionals, builders, developers, or legal or financial professionals, and at least 1 member shall sit in all appeals involving commercial, industrial or multi-family residential property, unless waived by the taxpayer. The bill also requires each member of a board of equalization to take continuing education instruction at least once in every 4 years of service as a member of such board.

The bill provides a 3-year statute of limitations for appealing real estate tax assessments to all circuit courts. In general, there is a 3-year statute of limitations under current law; however, in some localities there is a 1-year statute of limitations pursuant to specific law. In those localities with the 1-year statute of limitations, the new 3-year requirement will be phased in over several years.

The bill has an effective date of January 1, 2004.


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