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Senate committee narrows bill to exclude buyer-paid intermediary fees from property valuation
Summary
The Senate Assessment and Taxation Committee amended SB 332 to exclude buyer-paid intermediary premiums, charges, commissions or fees from sale price when counties calculate real property valuation. The committee approved the amendment and passed the bill to the full Senate by voice vote.
Amelia, staff to the Senate Assessment and Taxation Committee, told members that Senate Bill 332 would exclude buyer’s premiums paid at auction from the sale price used in the real estate sales validation questionnaire and for property tax valuation.
Senator Francisco raised a substantive concern that excluding buyer-paid intermediary charges could understate a property’s sale price, noting, “the value of a…
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