Modifies current property tax law by requiring anyone challenging his/her assessed property value to provide to the county assessor, within thirty days, income and expense statements for the three preceding years.   Official Text and Analysis.

Changes the time frame for the taxpayer to submit income and expense statements for the three years prior to the assessment date from within 30 days of filing the petition to within 60 days of the postmark date or personal delivery date of the petition. Taxpayers who fail to comply with the 60-day deadline for submitting statements are precluded from asserting error on the basis of income in challenging the assessor's valuation of commercial property. The substitute bill removes the exclusion of condominiums, townhouses, or other similar buildings or units that have never been sold from the definition of "single-family residential unit".

Reduces the number of years of income and expense statements, prior to the assessment date, that a taxpayer must submit to the county board of equalization from three years to two years.

Adds new language that modifies the standard of evidence that must be met, in any judicial review or other appeal of a public official's valuation of property for purposes of taxation, to overcome the presumption that the public official's valuation is correct. The standard of evidence is modified from "clear, cogent, and convincing evidence" to "preponderance of the evidence." Also establishes that the modified standard of evidence applies to taxes levied for collection beginning in 2014.

Requires an appellant that has filed with the county board of equalization a petition challenging the assessed value of commercial property to provide the county assessor with income and expense statements for the past two years. Defines the term "commercial property" as used in the section.