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DIGEST OF INTRODUCED BILL
Property tax assessment issues. Requires that sales ratio studies must identify the sales adjustment factor used for each sale used in the study. Provides that a retroactive reassessment of undervalued property may be conducted only to correct for physical changes in the property. Requires the department of local government finance to adopt rules to govern gathering and processing information for the application of the income capitalization method and the gross rent multiplier method. Indicates that a rule of the department of local government finance that conflicts with a statute is void. Specifies that any failure to comply with the procedures of a specific assessing method, this article or any rule of the department of local government finance that is not in conflict with this article shall be treated as an incorrect valuation. Specifies that failure of an assessing official to comply with statutory appeal procedures, including the requirement that assessing officials bear the burden of proof of proving the validity of an assessment change results in invalidation of the assessment change.