Substitute House Bill No. 6961 amends the current law regarding the issuance of certificates of correction for tangible personal property assessed in error by extending the time frame for municipalities to correct such errors from three years to four years following the tax due date. This change applies to situations where assessors determine that tangible personal property was incorrectly assessed, whether due to clerical mistakes or incorrect information provided by the taxpayer. The bill also stipulates that if the property was previously taxed under a different name or municipality, the assessors must notify the appropriate parties and issue a certificate of correction accordingly.

Additionally, the bill modifies the provisions related to clerical omissions or mistakes in tax assessments, allowing corrections to be made within the same four-year period. It mandates that if a correction results in an increase in the assessment, the taxpayer must be notified within ten days, and it allows for appeals to the board of assessment appeals. However, the bill does not extend the three-year period for taxpayers to claim refunds resulting from these corrections. The effective date for these changes is set for July 1, 2025.

Statutes affected:
PD Joint Favorable Substitute: 12-60
File No. 619: 12-60