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 clarifies that minor additions increasing assessed value by forty percent or less do not trigger recalculation of the intertemporal average value period.
The bill was extensively amended to replace a multi-year average assessment methodology with a simpler approach capping annual increases at five percent of the prior year's assessed value, with full revaluation every fifth year.
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