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DIGEST OF INTRODUCED BILL
General reassessment of real property. Provides that the next general reassessment of real property shall be completed on or before March 1, 2002, instead of March 1, 2001, and that general reassessments will occur every four years thereafter. Directs the state board of tax commissioners to consider only the appropriate valuation method, and not potential shifts of tax burdens among classes of taxpayers, in the adoption of rules for the appraisal of real or personal property. Requires the state board of tax commissioners to adopt rules for the next general reassessment before July 1, 2000. Directs the commission on state tax and financing policy to: (1) study potential shifts among classes of taxpayers resulting from the next general reassessment; (2) report its findings to the general assembly before January 1, 2001; and (3) recommend in its report any changes in statutes or rules necessary to achieve greater equality of assessments among classes of taxpayers.