(1) Whenever the administrator petitions the state board of equalization for its order
of reappraisal of any class or subclass of taxable property for the following taxable
year, the administrator shall send a copy of such petition to the assessor of the
county in which such class or subclass of taxable property is located. The petition of reappraisal shall include the reasons for such reappraisal, and
the administrator has the duty to establish to the satisfaction of the state board
of equalization the need for such reappraisal. The state board of equalization shall conduct a hearing on such petition, at which
hearing the assessors shall attend and shall give such testimony and present such
evidence as the state board of equalization may require.
(2) At the hearing on the petition for reappraisal, the affected county assessor shall
have the opportunity to appear, to produce testimony and evidence, and to cross-examine
witnesses. The decision of the state board of equalization shall be delivered in writing no
later than the close of business on November 15.
(3) If such reappraisal is ordered by the state board of equalization, the property
tax administrator shall direct the staff of the division of property taxation, working
jointly with the assessor of such county, to reappraise such property, and the value
so determined shall be the actual value of the taxable property in such county for
the next taxable year. The results of the reappraisal shall be filed with the property tax administrator
no later than the close of business on the last working day in May of the year in
which the reappraised values shall be effective, and a copy thereof shall be filed
with the assessor.
(4) The affected assessor, board of county commissioners, town, city, school district,
or special district, or any taxpayer resident therein, or any of them, may appeal
the reappraised value to the state board of equalization by petition filed with the
state board of equalization no later than the tenth day of June next following. Upon appeal, the assessor and any other petitioner shall have the right to appear,
produce testimony and evidence, and cross-examine witnesses.
(5) The state board of equalization may affirm, rescind, or modify the reappraised
values appealed, and shall enter its written order thereof no later than the first
day of July next following.
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