Amends TCA Title 67.

Present provisions governing the assessment of real property for tax purposes contain the legislative intent that appraisals not be influenced by inflated values resulting from speculative purchases in particular areas in anticipation of uncertain future real estate markets and that all property be appraised according to its sound, intrinsic and immediate economic value and ascertained in accordance with such official assessment manuals as may be promulgated and issued by the state division of property assessments and approved by the state board of equalization. <br /> <br /> This bill:<br /> <br /> (1) Adds as a legislative finding that "the valuation of residential property on the basis of comparable sales is too speculative and subjective to be a fair and equitable basis for taxation"; and<br /> <br /> (2) Requires that such property be valued on the basis of the most recent sale, lease, mortgage, or other transfer of an interest in the property for which unrelated parties with competing interests agreed to a valuation of the property. For purposes of such valuations, this bill requires assessors to adjust for improvements, impairments, and inflation and disregard a transaction between family members or other persons who might have had a shared interest in significantly over- or under-valuing the property.<br />