TITLE: CONCERNING THE ACCURACY OF THE PROPERTY TAX VALUATION PROCESS, AND, IN CONNECTION THEREWITH, REQUIRING NOTICES OF VALUATION TO INCLUDE SPECIFIC INFORMATION ABOUT THE SUBJECT PROPERTY.

Fiscal Impact Summary	FY 1999/2000	FY 2000/2001
State Revenues General Fund
State Expenditures General Fund
FTE Position Change	0.0 FTE	0.0 FTE
Other State Impact: None
Effective Date: Upon signature of the Governor.
Appropriation Summary for FY 1999-2000: None
Local Government Impact: County assessors may incur additional costs to provide additional information on the notice of valuation provided to property owners.

This bill, as amended by the Senate Local Government Committee, February 9, 1999, revises the content of the notice of valuation provided by the assessor of each county, effective January 1,2001. The bill specifies that for the first year of each reassessment cycle, the notice shall provide an itemized listing of the land, improvements, and their characteristics.

The assessors of each county currently have access to the information that is required to be included in each notice of valuation (NOV) for the first year of each reassessment cycle. A reassessment cycle is two years, therefore, this information would be required on every NOV every other year, starting January 1, 2001.

The costs for each county to include the required information on every NOV is dependent upon the manner in which each county assessor currently records and maintains the information, and how that information will be transferred to the NOV.

Some counties may utilize computer systems to prepare the NOV for distribution to property owners, while other counties may manually prepare the NOV. Of those counties that utilize computer systems, some may contract with vendors to provide computer programming services on an as-needed basis, some may have vendors under contract to maintain systems on an on-going basis, and some may have staff personnel capable of making system modifications.

The costs for each county to provide this information on each NOV is also dependent upon the number of properties within the county and the diversity of the property types within the county.

Arapahoe and Jefferson counties indicate they currently plan to provide this information on every NOV, however, the results of a recent survey indicate the remaining counties are not currently planning on providing this information. That survey also indicated that a few of those counties may be able to provide the required information at little or no additional costs, while the majority of those counties may be required to expend from $1,000 to $12,000 in computer reprogramming costs.

This fiscal note assumes these costs will be a one-time start up cost, with minimal recurring annual costs to maintain or update the information. This fiscal note cannot assess whether those costs can be absorbed within existing operating budgets that are approved by each board of county commissioners.

This fiscal note would imply no new state appropriations are required for FY 1999-2000.