Background:

Property Tax.

All property is subject to a tax each year based on the highest and best use, unless a specific exemption is provided by law. The property tax bill for an individual property is determined by multiplying the assessed value (AV) of the property by the tax rate for each taxing district in which the property is located. The aggregate of all regular tax levies upon real and personal property by the state and all taxing districts may not exceed 1 percent of the true and fair value of the property. In addition, the aggregate regular levies of junior taxing districts and senior taxing districts, other than the state, may not exceed $5.90 per $1,000 of the AV.

Valuation and Assessment.

The county assessor determines the AV for each property lying wholly within individual county boundaries. The value of property is placed on the assessment rolls by the county assessor. Counties are required to revalue properties each year and complete a physical inspection at least every six years. For tax purposes, property is assessed on its value on January 1 of the assessment year.

The county assessor must certify the assessment rolls to the county board of equalization by July 15 of each year.

Appeal of an Assessed Valuation.

A taxpayer may petition the county board of equalization for a change in the AV of the taxpayer's property. A taxpayer must file the petition with the board:

on or before July 1;
within 30 days after the assessment or other notice was mailed;
within 30 days after the assessment or other notice was electronically transmitted; or
within a limit of 60 days adopted by the county legislative authority, whichever is later.

Votes on Final Passage:

House	96	1
Senate	48	0