- Introduced -

SB 1184 - This act specifies that, for business tangible personal property, the true value in money of the property shall be the installed fair market value of the property. The act defines the exact type of property and defines installed fair market value. The act requires the state tax commission to establish tables to provide assessors with guidance as to the proper valuation of various types of property and the depreciation of such property. Such tables must be reviewed at least every two years. The act enables assessors to adjust an assessment based on various concepts of obsolescence. The act provides that the tables and the assessors adjustments shall be presumed to be valid.

The act has an effective date of January 1, 2005.

JEFF CRAVER