Enrolled House Bill (H)

Authored by

DIGEST

Property tax matters. Specifies that if a taxpayer files an amended personal property tax return for a year: (1) before July 16 of that year, the taxpayer shall pay the taxes payable in the immediately succeeding year based on the assessed value reported on the amended return; or (2) after July 15 of that year, the taxpayer shall pay the taxes payable in the immediately succeeding year based on the assessed value reported on the original personal property tax return. Requires a public utility company to file its property tax return with the department of local government finance (DLGF) on Property tax matters. Specifies that if a taxpayer files an amended personal property tax return for a year: (1) before July 16 of that year, the taxpayer shall pay the taxes payable in the immediately succeeding year based on the assessed value reported on the amended return; or (2) after July 15 of that year, the taxpayer shall pay the taxes payable in the immediately succeeding year based on the assessed value reported on the original personal property tax return. Requires a public utility company to file its property tax return with the department of local government finance (DLGF) on or before April 1 (rather than March 1, under current law). Provides that on or before July 1 of each year, for years ending before January 1, 2017, and on or before June 15, for years beginning after December 31, 2016, (rather than June 1 under current law), the DLGF shall certify to the county assessor and the county auditor of each county the distributable property assessed values that the DLGF determines are distributable to the taxing districts of the county. Deletes a provision in current law requiring a county auditor to cancel a standard deduction for a homestead under certain circumstances in which: (1) the taxpayer acquires an interest in or contracts to purchase a second homestead after the assessment date; and (2) on the assessment date, the property on which that second homestead is located was vacant land or the construction of the dwelling that constitutes the second homestead was not completed. Removes requirements for the DLGF to adopt rules for the administration of certain property tax deductions and exemptions. Voids certain department of local government finance rules. Specifies that the calculation of the amount of the levy for a debt service fund is based on a budget year (instead of an ensuing year under current law). Provides that the maximum amount allowed for an operating balance in a debt service fund is the sum of the maximum allowable operating balance for each debt included in the debt service fund. Provides that a common area is exempt from property taxation. Defines "common area" as a parcel of land in a residential development that: (1) is legally reserved for the exclusive use and enjoyment of all lot owners; (2) is owned by the developer, or each lot owner, or a person or entity that holds title to the land in a fiduciary capacity for the benefit of the lot owners; (3) cannot be transferred for value to another party without the approval of the lot owners; (4) does not include a Class 2 structure; and (5) is not designed or approved for the construction of a Class 2 structure. Provides that certain tangible property is exempt from property taxation if the tangible property is owned by an agricultural organization that is exempt from federal income taxation under Section 501(c)(5) of the Internal Revenue Code. Provides that the exemption is retroactive to the 2011 assessment date. Provides that eligible taxpayers may submit exemption applications before September 1, 2015, for property tax exemptions for eligible properties with respect to the 2011 through 2015 assessment dates. Provides that an eligible taxpayer is entitled to a property tax exemption if the county assessor finds that the parcel would have qualified for an exemption if the retroactive exemption had been in place on the covered assessment dates. Provides that an eligible taxpayer is entitled to a refund for any back taxes, penalties, and interest paid with respect to the eligible property. Provides that refunds may be paid in two annual installments. Requires the county property tax assessment board of appeals to send notice of a scheduled hearing on a review of an assessment or deduction to a taxpayer's representative. Specifies that the statute governing homeowners associations established after June 30, 2009, applies only to homeowners associations authorized to impose mandatory dues on their members. ... View more