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HB 5706

AN ACT RELATING TO WATERS AND NAVIGATION -- COASTAL RESOURCES MANAGEMENT COUNCIL

2025 Regular Session Introduced by Lauren Carson and 9 co-sponsors

Sets standards for fair market value used in property tax assessments to improve accuracy and transparency for taxpayers and municipalities.

04/08/2025 Committee recommended measure be held for further study
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WeVote Research Nonpartisan
Bill Summary · HB 5706

Summary of HB 5706 — AN ACT CONCERNING CERTAIN DETERMINATIONS OF FAIR MARKET VALUE FOR PURPOSES OF PROPERTY TAXATION

Status: Ref. to Joint Committee on Planning and Development
Introduced: January 21, 2025
Classification: Bill
Subject: Property tax assessors, Valuation and revaluation

Purpose and Intent (as inferred from the title)

  • The bill aims to address how fair market value (FMV) is determined for property taxation.
  • It focuses on valuations used by property tax assessors, which are central to determining property tax obligations.
  • By targeting FMV determinations, the bill likely seeks to improve accuracy, consistency, and transparency in the valuation process that underpins property tax assessments.

Note: The full text would provide precise definitions, standards, and procedures. At this stage, the summary reflects the bill’s stated focus on FMV determinations for property tax purposes.

Key Provisions (pending the full text)

Because the bill’s text has not been provided, the following are potential categories typically addressed by FMV/valuation bills. The actual provisions may differ:

  • Definitions:
    • A precise definition of “fair market value” as used for property tax assessments.
  • Valuation Methodology:
    • Requirements or standards for how assessors determine FMV (e.g., use of market data, income capitalization, cost approaches, and comparable sales).
  • Appraisal and Data Standards:
    • Qualifications for professional appraisers, use of independent appraisals, and data sufficiency requirements.
  • Revaluation Procedures:
    • Rules governing when and how revaluations occur, including timelines and notice requirements.
  • Transparency and Outreach:
    • Public disclosure requirements, access to valuation methodologies, and opportunities for taxpayer input.
  • Appeals and Disputes:
    • Procedures for challenging valuations, appeal timelines, and standards for review.
  • Compliance and Oversight:
    • Monitoring, reporting requirements, and potential penalties for noncompliance.
  • Transitional Provisions:
    • Effective dates and any phasing or grandfathering of existing valuations.

Once the text is released, these provisions can be summarized with precise language, numbers, and deadlines.

Who Is Affected

  • Property taxpayers: Those subject to real property or personal property taxes, especially if FMV determinations change valuation outcomes.
  • Property tax assessors and assessors’ offices: Responsible for applying FMV standards and conducting valuations.
  • Municipalities: Local governments that rely on property tax revenues and valuation accuracy for budgeting.
  • Appraisers and valuation professionals: If new standards or qualification requirements are enacted.

Procedural and Timeline Aspects

  • Status indicates the bill has been referred to the Joint Committee on Planning and Development for consideration and possible amendment.
  • Introduced January 21, 2025; no further legislative steps (e.g., hearings, votes, or amendments) are provided in the available information.
  • If advanced, the bill would typically move through committee hearings, potential amendments, floor votes, and, if enacted, signature or final approval according to the applicable legislative process.

Next Steps for Interested Readers

  • Monitor for the full text and committee hearing schedule to understand specific provisions, timelines, and fiscal impact.
  • Once available, review:
    • Exact FMV definitions and methodologies prescribed.
    • Any changes to revaluation cycles, notice provisions, and taxpayer rights.
    • Potential fiscal impact on municipalities and property owners.
  • I can provide a more detailed, clause-by-clause summary once the bill text is published and any fiscal notes are attached.

If you’d like, I can track updates and draft a revised summary as soon as the official text or committee materials are released.

Compiled from official sources — confirm details with the bill’s official record.

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