HB 1253 changes how county assessors determine the fair market value of owner-occupied homes and non-agricultural property by requiring them to consider and document multiple valuation approaches (cost, market, and income methods) rather than using a single method. The bill also adds a new limitation on property assessments, though the bill text provided doesn't fully specify what that new limitation requires. These changes aim to create a more standardized and transparent assessment methodology across the state.
The amendment adds a provision exempting additions of forty percent or less from resetting the assessment averaging period.
The amendment replaced a multi-year averaging methodology with a simpler cap: assessments for owner-occupied dwellings and nonagricultural property cannot exceed prior-year assessed value plus five percent, except every fifth year when full fair market value applies.
Senate Do Pass Amended Failed, YEAS 9, NAYS 24. S.J. 498
Taxation Do Pass Amended Passed, YEAS 5, NAYS 2. S.J. 19
Taxation Amend the amendment S.J. 19
Taxation Motion to amend S.J. 19
Taxation Scheduled for hearing
Taxation Scheduled for hearing
Senate Referred to Senate Taxation S.J. 340
First Reading Senate S.J. 311
House of Representatives Do Pass Amended Passed, YEAS 38, NAYS 29. H.J. 358
Taxation Do Pass Amended Passed, YEAS 7, NAYS 5.
Taxation Motion to amend
Taxation Scheduled for hearing
House of Representatives Referred to House Taxation H.J. 208
First Reading House H.J. 193
Prime sponsor · Rep.
R
Prime sponsor · Sen.
R
Do Pass Amended
Taxation — Do Pass Amended
Do Pass Amended
Taxation — Do Pass Amended