SB 429

Under current law, annually, the Department of Revenue (DOR) determines

the full value of the property of each county and taxation district and, on August 15,

notifies each county and taxation district of that value. This property valuation is

known as "equalized value." DOR determines the equalized value of all property in

the state to ensure, generally, that the property is being assessed at its full value.

If DOR makes an error in determining the equalized value of the property of any

county or taxation district, DOR, generally, corrects the error by adjusting the

county's or taxation district's equalized value in the year after the year in which DOR

made the error.

Under this bill, on or before August 1, DOR must publish on its Internet site for

each county and taxation district a preliminary determination of its equalized value.

If a county or taxation district discovers an error in DOR's determination that would

result in the overvaluation or undervaluation of the property located in the county

or taxation district, the county or taxation district must notify DOR of the error no

later than August 7. Under the bill, DOR must correct any such error so that the

equalized value determination that is submitted to the county or taxation district on

August 15 is correct.