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Tax staff brief committee on property‑tax basics, valuation methods and modeling tools
Summary
Department of Revenue and Legislative Fiscal Division staff gave the House Taxation Committee a technical briefing on property valuation methods, taxable value certification, mill levies, 15‑10‑420 calculation mechanics and interactive data tools for legislators.
Megan Moore, Department of Revenue, began a training for the House Taxation Committee on property‑tax fundamentals and told members the State Constitution (Article 8, Section 3) designates the State to appraise and equalize valuations.
Moore outlined the three standard valuation approaches used by the Department of Revenue: sales‑comparison (used primarily for residential and many commercial properties), cost approach (used where sales data are sparse) and income approach (used for commercial/industrial and modified for agricultural and forest property). Moore clarified the income approach measures lease or property income (for example, building lease income), not the operating income of a business located on the site.
She…
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