- Introduced -

SB 688 - This act makes several modifications to the law of property reassessment, including:

Current law requires that reassessment of property occur every 2 years. This act lengthens the reassessment cycle to once every 5 years. Current law also requires that if the assessor increases the assessed valuation of a parcel of real property by more than 17%, the assessor shall perform a physical inspection of the property. This act reduces the 17% threshold to 5%. The owner of a parcel of property which is to be physically inspected has the right to request an interior inspection as a part of the physical inspection. The act defines the minimum requirements of a physical inspection and prohibits the use of so-called "drive-by inspections" (Section 137.115).

The above-described portion of the act has an effective date of January 1, 2003 (if approved by voters in November 2002), and applies to all taxable years beginning after December 31, 2002.

The act also clarifies that if a property owner appeals an assessed valuation figure, the assessor's office has the burden to prove that the assessed valuation accurately reflects market value. The assessor also carries the burden to prove that any required physical inspection met the statutory requirements. In the event the assessor fails to carry his or her burden regarding the physical inspection, the property owner prevails on the appeal as a matter of law (Section 138.060).

In the event the property owner prevails on the appeal of an assessed valuation of property, the property owner shall be awarded reasonable appraisal expenses, attorney fees and court costs (Section 138.435).

The act has a referendum clause.

ALAN KELLY