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Committee advances acquisition/fair-market-on-transfer valuation bill with implementation caveats
Summary
The committee advanced a working draft (26 LSO 0101) to change residential property valuation to fair-market-on-transfer/acquisition-style valuation, approved amendments delaying the effective date to 2028 and adding transfer-definition clarifications, and asked the Department of Revenue for implementation cost and rule guidance.
The Revenue Committee advanced a working statutory draft (26 LSO 0101) proposing a valuation method that sets a base value at the fair market value on transfer (or a 2019 base for earlier acquisitions) and then applies a capped annual adjustment (the draft used the lesser of 2% or CPI). The draft includes exceptions for certain intra-family transfers and directs the Department of Revenue to adopt implementing rules.
County assessors and Department of…
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