LD 2626
pg. 2
Page 1 of 2 An Act to Modify Adjustments in Property Valuation LD 2626 Title Page
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LR 4040
Item 1
 
the property, based upon credible evidence provided by the
municipality.__The State Tax Assessor shall apply the adjustment to
the fiscal year in which the cause of the adjustment occurred for
the purpose of calculating school appropriations and state-
municipal revenue sharing and immediately notify the Commissioner
of Education and the Treasurer of State.

 
Emergency clause. In view of the emergency cited in the preamble,
this Act takes effect when approved.

 
SUMMARY

 
This bill allows a municipality that has received a downward
adjustment to its state valuation due to a dramatic reduction in
value of the property of a single taxpayer to request another
adjustment from the State Tax Assessor if the request is based
upon an ongoing situation that has caused a further reduction in
value of the property after the first adjustment.

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