DIGEST OF INTRODUCED BILL
Self-assessment of real property. Provides, beginning with the 2008 assessment date, a system of real property assessment for property tax purposes similar to the current system for personal property assessment. Requires taxpayers to file real property returns with the county assessor. Provides that fair market value is the standard for real property assessment, and requires the department of local government finance to adopt rules for applying that standard. Eliminates township assessor responsibilities for real property assessment. Makes conforming changes.