Committee hears bill to require replacement‑cost method for building valuation; assessors, counties raise concerns
Rep. Dean (as introduced in transcript) presented HB2415 to require assessors to use a replacement‑cost (cost) approach for building valuation statewide. Supporters said it would equalize assessments across rural and urban counties; assessors and county officials cautioned about depreciation, software practice, constitutionality and urged phased or optional adoption.
The full story
Representative Dean (introduced in transcript as 'Dean Vance Corp') presented House Bill 2415, which would change how buildings are valued for property tax assessment by replacing the primary market approach with a mandatory replacement‑cost approach for building valuation while continuing to value land by market approach.
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