SB 109 - This act modifies several provisions relating to property tax assessments.PROPERTY ASSESSMENT GROWTH
Current law requires assessors to assess real property on January 1 of each odd-numbered year, and to apply such assessed values in the following even-numbered year. This act provides that if the new assessed value exceeds the assessed value of the property from the previous odd-numbered year by more than 15%, half of such growth in assessed value shall be applied in the current odd-numbered year, and the remaining amount shall be applied in the following even-numbered year. (Section 137.115)
PROPERTY ASSESSMENT APPEALS
This act provides that any assessed valuation for a parcel of residential real property that exceeds the previous assessed value for such property by more than 15% shall be automatically reviewed by the county board of equalization, regardless of whether the property owner has filed a timely appeal. The assessor shall notify the property owner in writing that the assessed valuation is being reviewed and that the property owner shall be entitled to be heard at the hearing of the board of equalization. (Section 137.180)
This act is identical to provisions contained in SB 579 (2020).
JOSH NORBERG