SB 723
Modifies provisions of law regarding property tax assessment
LR Number:
Last Action:
2/2/2012 - Second Read and Referred S Ways and Means and Fiscal Oversight Committee
Journal Page:
Calendar Position:
Effective Date:
August 28, 2012

Current Bill Summary

SB 723 - This act modifies provisions of law regarding property tax assessment.

Currently, county assessors are required to use the trade-in value published in the October issue of the National Automobile Dealers' Association Official Used Car Guide as the recommended guide for information for determining the value of motor vehicles for personal property tax purposes. This act requires the assessor to use the lowest applicable trade-in value from a issue that is current in October of the assessment year of any nationally recognized motor vehicle valuation guide.

Under current law taxpayers are required to appeal the assessment of their property to their county board of equalization by a particular date each year. The county boards of equalization meet at particular times to consider these appeals. If the taxpayer decides to further appeal the decision of the board of equalization regarding their assessment, they must appeal to the State Tax Commission by September 30th of the year in which the ruling was made. This act eliminates these deadlines for appealing property assessment, eliminates the specific time frames for meetings of the county boards of equalization, and requires the boards of equalization to render a decision within thirty days of the filing of the taxpayer's appeal.

Currently, a taxpayer is entitled to an award of the costs of appeal and reasonable attorney's fees on a challenge of the assessor's determination, if the assessor classifies real property under a classification that is contrary to or in conflict with a determination by the state tax commission or a court. This act requires that a taxpayer also receive the costs of appeal and reasonable attorney's fees when the assessor values the property incorrectly.

Provisions of this act are similar to SB 591 (2012), HB 1300 (2012), HCS/HB 1542 (2012), and HB 955 (2011).