House Bill 260

Actions | Amendments
Last Action 03/22/22: to Transportation (S)
Title AN ACT relating to property assessments.
Bill Documents Current/Final
Introduced
Fiscal Impact Statement Fiscal Note
Bill Request Number 76
Sponsors R. Bridges, S. McPherson, C. Freeland, K. Timoney
Summary of Original Version Amend KRS 132.191 to expand the requirements for using the income approach and sales comparison approach in the valuation of property; establish additional requirements for the appraisal of real property; amend KRS 133.120 to change the qualifications of taxpayer representatives who receive compensation for appealing property assessments.
Index Headings of Original Version Fiscal Note - Property tax, property assessments, appraisal method requirements
Property - Assessments, property taxation, appraisal method requirements
Property Valuation Administrators - Assessment conferences, taxpayer representative qualifications
Taxation - Property tax, property assessments, appraisal method requirements
Taxation, Property - Property assessments, appraisal method requirements
Jump to Proposed Amendments House Committee Substitute 1
House Floor Amendment 1
House Floor Amendment 2
House Floor Amendment 3
Votes Vote History

Actions

Top | Amendments
01/10/22
  • introduced in House
  • to Committee on Committees (H)
02/18/22
  • to Appropriations & Revenue (H)
03/01/22
  • reported favorably, 1st reading, to Calendar with Committee Substitute (1)
03/02/22
  • 2nd reading, to Rules
  • floor amendment (1) filed to Committee Substitute
03/03/22
  • floor amendments (2) and (3) filed to Committee Substitute
03/07/22
  • posted for passage in the Regular Orders of the Day for Tuesday, March 08, 2022
03/21/22
  • 3rd reading
  • floor amendment (3) ruled not germane
  • floor amendment (2) defeated
  • passed 66-24 with Committee Substitute (1) and floor amendment (1)
  • received in Senate
  • to Committee on Committees (S)
03/22/22
  • to Transportation (S)

Proposed Amendments

Top | Actions
Amendment House Committee Substitute 1
Summary Retain original provisions; amend KRS 132.191 to remove the provisions requiring the valuation under the income approach to specifically include the terms of the lease and rental income; define "vacant property"; remove the provision that the appraisal of real property reflect the reasonable, probable, and most profitable use of the property that is legally permissible, physically possible, and financially feasible; remove the provision that the appraisal of real property take into consideration any value that is added to a property from a lease that encumbers; amend KRS 132.450 to prohibit a property valuation administrator from using the asking price of a property actively listed for sale in the determination of the fair cash value of property unless other evidence demonstrates that the asking price is the price the property would bring at a fair voluntary sale; require the property valuation administrator to use the purchase price of real property in an arm's length real estate transaction; amend KRS 133.120 to remove the requirement that taxpayer representatives who receive compensation for appealing property assessments possess knowledge of valuing property specific to the geographical area of the property in dispute.
Index Headings Property - Assessments, property taxation, appraisal method requirements
Property Valuation Administrators - Assessment conferences, taxpayer representative qualifications
Taxation - Property tax, property assessments, appraisal method requirements
Taxation, Property - Property assessments, appraisal method requirements

Amendment House Floor Amendment 1
Sponsor S. McPherson
Summary Remove the term "appraisal" and require that the valuation of real property meet the minimum applicable assessment standards of the International Association of Assessing Officers or Uniform Standards of Professional Appraisal Practice.
Index Headings Property - Assessments, real property taxation, valuation standards
Property Valuation Administrators - Assessments, real property taxation, valuation standards
Taxation - Property tax, real property assessments, valuation standards
Taxation, Property - Real property assessments, valuation standards

Amendment House Floor Amendment 2
Sponsor P. Flannery
Summary Retain original provisions and remove requirements pertaining to the sales comparison approach; remove the requirement that the appraisal of property meet minimum applicable appraisal standards of the International Association of Assessing Officers; remove the requirement that property valuation administrators use the statement of full consideration as stated on the deed as the presumptive basis for fair cash value in arm's length transactions; amend KRS 132.010 to redefine real property.
Index Headings Property - Assessments, property taxation, real property definition
Property Valuation Administrators - Property tax, property assessments, real property definition
Taxation - Property tax, property assessments, real property definition
Taxation, Property - Property tax, property assessments, real property definition

Amendment House Floor Amendment 3
Sponsor P. Flannery
Summary Delete all language; create a new section of KRS Chapter 132 to exempt motor vehicles from state and local ad valorem taxes when the motor vehicle has a curb weight at or below 10,000 pounds, is primarily used a personal vehicle, and is registered with the county clerk; require the Department of Revenue to establish procedures and forms related to the exemption; amend KRS 132.010 to define curb weight; amend KRS 132.485 to exclude motor vehicles exempt from taxation from the assessment process; amend KRS 134.800 to clarify that the county clerks collect ad valorem taxes on taxable motor vehicles registered by him or her; apply to motor vehicles assessor or after January 1, 2023.
Index Headings County Clerks - Motor vehicles, personal use, property tax exemption
Motor Vehicles - Personal use, property tax exemption
Property Valuation Administrators - Motor vehicles, personal use, property tax exemption
Taxation - Property tax, motor vehicles, personal use, exemption
Taxation, Property - Motor vehicles, personal use, exemption
State Agencies - Department of Revenue, motor vehicle, property tax exemption, procedures and forms

Last updated: 5/25/2022 2:58 PM (EDT)
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