Bill No.: SF0144                  Drafter:  MQ

LSO No.:  09LSO-0530              Effective Date:  7/1/2009

Enrolled Act No.:  SEA0052

Chapter No.:       116

Prime Sponsor:     Senator Dockstader

Catch Title:       Property tax assessment rules.

Subject:  Provides for rules and regulations for the assessment of property for property taxation purposes.

Summary/Major Elements:

· Requires the department of revenue to promulgate rules for county assessors to follow that ensures the statistical quality and fairness of assessed values of residential properties computed using comparison methods, and which require county assessors to provide statistical parameter data annually to the state board of equalization to demonstrate compliance with the rules.

· Also provides parameters to the rules to ensure that the assessment values are in compliance with various sales ratio studies and are compatible with the computer assisted mass appraisal system (CAMA).

· Rules will require county assessors to provide requirements for the format and quality of a written explanation of the county assessor's residential assessment methodology for interested taxpayers.

· Written explanations required to be maintained by the county assessor shall be public records available to a taxpayer.

· In preparing the rules, the department shall consider the published rules and procedures in other states employing a CAMA system, and shall comply with International Association of Appraisal Officers standards.