HB 1818

Amends the Property Tax Code. Provides that, where assessment records are presently maintained in electronic format, the township assessor, multi-township assessor, or chief county assessment officer shall make those records available for immediate public inspection through Internet access. Provides that where assessment records, or some of them, are not presently maintained in electronic format, the township assessor, multi-township assessor, or chief county assessment officer shall convert all assessment records into electronic format and maintain those records in that format. Provides that those records shall be made available for immediate public inspection, preferably through Internet access. Contains provisions concerning requests for assessment records. In provisions providing that property records shall contain the elements (or basis) of valuation and computations that are taken into consideration by the chief county assessment officer in determining the fair cash value of property, provides that those elements include, but are not limited to, capitalization rates and tax loads, rental income data and any adjustments thereto, ratios of expenses to income, net income, vacancy and collection loss, reproduction or replacement cost calculators or manuals, physical, functional, and economic depreciation or obsolescence, and comparable sales and sales adjustment factors. Contains provisions concerning tax objections in the circuit court. Repeals provisions providing that the circuit court shall consider tax objections concerning valuation without regard to the correctness of any practice, procedure, or method of valuation followed by the assessor, board of appeals, or board of review in making or reviewing the assessment, and without regard to the intent or motivation of any assessing official. Effective immediately.