DIGEST OF SB54 (Updated December 30, 2010 2:19 pm - DI yl)
Real property reassessment. Requires the county assessor of each county to prepare and submit to the department of local government finance (DLGF) a reassessment plan for the county. Specifies that the reassessment plan is subject to approval by the DLGF. Provides that the reassessment plan must divide all parcels of real property in the county into different groups of parcels. Requires that each group of parcels must contain at least 25% of the parcels within each class of real property in the county. Provides that the reassessment of the first group of parcels under a county's reassessment plan must begin on July 1, 2011, and must be completed on or before March 1, 2012. Provides that a petition for reassessment of a group of parcels must be signed by not less than 100 real property owners of parcels in the group or 5% of real property owners of parcels in the group and must be filed with the DLGF not later than 45 days after notice of assessment is provided. Provides that the county assessor determines the values of all classes of land in the county. Provides that a petition for the review of the land values determined by the county assessor may be filed with the DLGF. Requires the petition to be signed by at least the lesser of: (1) 100 property owners in the county; or (2) 5% of the property owners in the county. Repeals the statute requiring a general reassessment of real property to begin in 2010.