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Committee advances constitutional amendment to let legislature set residential valuation method
Summary
After expert and stakeholder testimony, the Revenue Committee advanced a constitutional amendment draft authorizing the Legislature to set valuation methods for residential property (opening the door to acquisition or transfer-based approaches) while members and witnesses warned the current wording may be legally unclear.
The Revenue Committee advanced a joint resolution that would amend the state constitution to authorize the Legislature to provide by law for valuation methods for residential real property, a change proponents say would let lawmakers adopt alternatives to annual market revaluation such as acquisition or transfer-based valuation.
LSO staff described 26 LSO 0102 as a broad change intended to give the Legislature flexibility rather than lock it into a single valuation method. Dozens of witnesses — including county assessors, the Department of Revenue and…
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