HB0165 Lumpe, Sheila

P R E F I L E D

HB 165 -- Certificate of Value

This bill requires that a certificate of value, containing the actual amount of consideration or reasonable estimate of the true current market value and a statement of actual or intended use of property, be filed with the assessor before the recorder of deeds can accept the filing of any deed, instrument, or writing by which any lands, tenements or other interest in real property be granted, assigned, transferred or otherwise conveyed to or vested in the purchaser or any other person or persons. One copy of the certificate of value will be forwarded to the State Tax Commission for use on certain administrative tasks and one retained by the assessor for the purpose of assisting in implementing general reassessment or implementing an assessment and equalization plan. The bill makes certain exemptions from the requirements and sets penalties for violations of certain requirements.

This bill will become effective on October 1, 1995.