Honorable Morgan Meyer, Chair, House Committee on Ways & Means
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
HB4703 by Turner (Relating to the application of the market data comparison method of appraisal to determine the market value of real property for ad valorem tax purposes.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would require the Comptroller to develop rules to establish standards to determine if a property is comparable to another property for purposes of the market data comparison method of appraisal. The determination must be based on 1) similarity of the properties and 2) to the extent practicable, the similarity to a property located in the same appraisal district as the subject property.
The Comptroller would be required to establish the rules as soon as practicable after the effective date of the bill.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.