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Assessment and Taxation Committee approves multiple bill requests, including a rebate proposal for overassessed property
Summary
The Senate Assessment and Taxation Committee made requests to draft multiple bills: a rebate bill (26RS2562) allowing up to a five-year lookback for overassessed properties, consolidation of senior and veterans tax programs (RS 24 32), an exemption expansion for pre-2006 machinery and equipment (RS 27 84), and a change to appraisal hearing procedures (RS 27 13). All requests were made without recorded objections and will be drafted by the Revisor's Office.
The Senate Assessment and Taxation Committee moved forward with several bill drafting requests during its session.
Sen. Mike Thompson opened with bill introduction 26RS2562, described as a rebate bill for homeowners who sold at fair market value after having been overappraised. The bill, as introduced, would allow affected taxpayers to seek a rebate, looking back up to five years with prorating for a midyear sale and a stated 3% cushion for appraisers. Thompson stood for questions and provided written testimony.
Madam Chair requested RS 24 32 to combine three senior property tax programs and a veterans program into a single application; she also requested RS 27 84 to expand property tax exemption eligibility for commercial property for material machinery and equipment purchased prior to 2006. Additionally, RS 27 13 was requested to alter appraisal-hearing procedures so county appraisers may proceed directly to BOTA in certain cases without an intermediate hearing. The chair also noted a forthcoming bill to clarify that a mass appraisal should not be treated as the final statement in BOTA appeals.
Each request was made in committee with no objections recorded at the time and will be drafted by the Revisor’s Office for future hearings. The committee indicated these draft bills will return for consideration with fiscal and drafting details to follow.
What’s next: Revisor’s Office staff and legislative research will prepare draft bill language and any requested fiscal or data analyses for committee review at subsequent meetings.
