Establishes property assessment standards and limits litigation involving property assessments.

The bill amends property assessment standards by requiring the director to issue a state appraisal manual for county and city assessors. It mandates the use of the coefficient of dispersion (COD) and price-related differentials (PRD) to ensure equitable assessments. Assessors must maintain a COD of less than 15.99 percent and a PRD between.98 and 1.03 unless there is good cause for a variance. The bill also limits the employment of special counsel in assessment litigation to cases where the opposing party is a legal business entity, including a nonprofit.

Establishes property assessment standards and limits litigation involving property assessments.

The bill amends property assessment standards by requiring the director to issue a state appraisal manual for county and city assessors. It mandates the use of the coefficient of dispersion (COD) and price-related differentials (PRD) to ensure equitable assessments. Assessors must maintain a COD of less than 15.99 percent and a PRD between.98 and 1.03 unless there is good cause for a variance. The bill also limits the employment of special counsel in assessment litigation to cases where the opposing party is a legal business entity, including a nonprofit.