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Senate Bill 0369

Senate Bill 0369

ARCHIVE (2007)

Latest Information


Housing maintenance property tax credits. Allows a municipal legislative body to designate an area within the municipality as a housing maintenance area. Provides that the total territory of all housing maintenance areas in a municipality may not exceed 5% of the territory of the municipality. Provides that a person that makes certain maintenance expenditures on qualified residential property in a housing maintenance area is entitled to a credit against municipal property taxes. Provides that the maintenance expenditures are eligible for the credit only if they are paid to a contractor licensed by the municipality. Provides that the credit equals the result of: (1) 50% of the amount of the person's maintenance expenditures; divided by (2) the number of years for which the person may claim the credit. Provides that the credit may not exceed 50% of the person's municipal property tax liability. Requires an ordinance designating a housing maintenance area to specify: (1) the categories of residential property that are eligible for the credit; (2) the number of years for which a taxpayer may claim the credit (not to exceed ten years); (3) the municipal department responsible for administering the credit; (4) any limits on the eligibility of a person to claim a credit because of unsafe building violations or health and safety violations; and (5) the types of maintenance for which a credit may be claimed.
    Current Status:
    In Committee - first House
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