Senate Bill No. [insert bill number] aims to enhance transparency in property tax settlement negotiations between the Department of Revenue and property owners, specifically concerning industrial and centrally assessed properties. The bill mandates that agreements related to the assessed value of these properties be disclosed as public documents on the Department's website. This disclosure must include both the valuation proposed by the Department prior to settlement and the valuation agreed upon with the taxpayer. Additionally, the bill amends existing laws to require the Department to publish the initial position and results of mediation proceedings related to these disputes.

The bill also outlines the procedures for dispute resolution, including the establishment of a dispute resolution office within the Department. It emphasizes the rights of taxpayers to resolve disputes through mediation and provides guidelines for the mediation process, ensuring that it remains confidential and informal. The changes aim to streamline the dispute resolution process while ensuring that taxpayers are informed of their rights and the outcomes of negotiations. The provisions of this act will apply to property tax years beginning after December 31, 2025.

Statutes affected:
LC Text: 15-1-211, 15-1-212
SB0512_1(1): 15-1-211, 15-1-212
SB0512_1(2): 15-1-211, 15-1-212
SB0512_1(3): 15-1-211, 15-1-212
SB0512_1: 15-1-211, 15-1-212