Establishes penalties for owners or lessees who fail to submit required information to determine property valuation.

The bill amends Section 38D of Chapter 59 to set penalties for owners or lessees who do not submit required information to determine property valuation. Owners or lessees of Class three commercial or Class four industrial property must submit information within 60 days of a request from the board of assessors. Failure to comply results in a $250 penalty for the next tax year, provided the board informed the owner or lessee of the penalty. The appellate tax board and county commissioners cannot grant extensions for non-compliance.

Establishes penalties for owners or lessees who fail to submit required information to determine property valuation.

The bill amends Section 38D of Chapter 59 to set penalties for owners or lessees who do not submit required information to determine property valuation. Owners or lessees of Class three commercial or Class four industrial property must submit information within 60 days of a request from the board of assessors. Failure to comply results in a $250 penalty for the next tax year, provided the board informed the owner or lessee of the penalty. The appellate tax board and county commissioners cannot grant extensions for non-compliance.