This substitute will become effective October 1, 1998. No impact on state funds. Supporters say that this bill will assist assessors in accurately valuing real property for purposes of property taxation. It will also provide a more accurate assessed valuation for counties for use in determining state aid distributed through the school foundation formula. Those who oppose the bill say that realtors, purchasers, and sellers of real estate do not want this information disclosed to anyone.
Enough information is already available for assessors to do an accurate job.
The Press Association stated that all the information should be disclosed as a public record. This bill requires that a certificate of value be filed with the assessor before the recorder of deeds can accept the filing of any deed, instrument, or writing by which any lands, tenements or other interest in real property be granted, assigned, transferred, or otherwise conveyed to or vested in the purchaser or any other person or persons. The certificate of value must contain the actual amount of consideration or reasonable estimate of the true current market value and a statement of actual or intended use of property. One copy of the certificate of value will be forwarded to the State Tax Commission for use on certain administrative tasks and one retained by the assessor for the purpose of assisting in implementing general reassessment or implementing an assessment and equalization plan. The bill makes certain exemptions from the requirements and sets penalties for violations of certain requirements.