Changes to Existing Law
HB1253 — Adjust the assessment methodology for owner-occupied single-family dwellings and nonagricultural property by considering previous years' assessed values.
2 sections modified+1573-26
View:
§ 10-6
New Section+1263
NEW SECTION added to Chapter 10-6
After annually determining the fair market value of all property pursuant to § 10-17 6-105, the director shall adjust the assessed value of each owner-occupied single-family dwelling and nonagricultural property to equal the intertemporal average value of the property. For purposes of this section, if during the assessment sample period the property had no change in its use or classification, or no addition, "intertemporal average value" means the olympic average of the fair market value of the property, as determined pursuant to § 10-6-105, during the assessment sample period. For purposes of this section, if during the assessment sample period the property had a change in its use or classification, or had an addition, "intertemporal average value" means the olympic average of the fair market value of the property, as determined pursuant to § 10-6-105, during all the assessment years, including the current assessment year, since the change in the use or classification of the property, or since the addition to the property. The adjustment in the taxable value of owner-occupied single-family dwellings and nonagricultural property under this section may not result in an increase in taxes imposed on agricultural property by any taxing district. 9
§ 10-6-101
Amended+310-26
Section 10-6-101 — AMENDED