An Act Concerning Penalties For Failure To File Certain Property Tax Assessment Information And Contingency Agreements For Expert Testimony In Certain Tax Assessment Appeals.
Impact
This bill amends existing statutes regarding property tax assessments, effectively streamlining how assessments are conducted and allowing for more accurate reflection of property values based on real-time data. It empowers assessors to conduct audits and to request additional information from property owners. By introducing penalties for non-compliance, it aims to ensure that taxpayers provide necessary documentation, which can lead to a fairer tax system. Furthermore, it modifies the process of appealing tax assessments by creating a structured endpoint for property owners to contest assessments in court, thereby clarifying legal pathways to rectify potential inequities in the assessment process.
Summary
SB00695 is an Act concerning penalties for failure to file certain property tax assessment information and establishing regulations around contingency agreements for expert testimony in tax assessment appeals. The bill mandates property owners to submit specific information related to rental and rental-related income, along with operating expenses, to the tax assessor. Failure to comply may result in a penalty that increases the assessed value of the property, thereby affecting the property tax owed. The penalty is designed to encourage timely and accurate assessments while providing a framework for taxpayers to contest and seek relief from tax assessments they believe to be unfair or incorrect.
Contention
A notable point of contention surrounding SB00695 revolves around the provision that prohibits certain expert witnesses from testifying in property tax appeals if they are compensated on a contingency basis. Critics of this provision express concerns that it may limit a property owner's ability to effectively challenge assessments, particularly if they lack the financial resources to engage experts on a non-contingency basis. The implication is that without expert testimony, property owners may find it challenging to argue their case, potentially resulting in unjust tax burdens. Supporters argue that this change intends to preserve the integrity of the assessment appeals process by reducing bias that could arise from contingency-based testimony.
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