❌ HB124
Modify process for property tax sales-assessment ratio studies
Summary
The bill modifies the process for property tax sales-assessment ratio studies by requiring the tax commissioner to base these studies solely on a representative sampling of open market arms' length sales from the previous three years. It also establishes procedures for appeals regarding changes in property assessments and mandates compliance timelines for county auditors. The amendments apply to tax year 2025 and subsequent years.
Rationale
The bill introduces government oversight and processes regarding property tax assessments, which may conflict with Libertarian principles advocating for minimal government intervention in property rights and taxation. Both LP and LPO platforms emphasize the importance of free markets and limited government, suggesting that this bill may not align with their core values.
Risks and Concerns
- Increased government control over property assessments
- Potential for bureaucratic inefficiencies
- Risk of misvaluation affecting property owners