Senate Bill 0015
DIGEST OF SB15 (Updated January 24, 2008 4:58 pm - DI 84)
Property tax credit and deduction filing deadlines. Extends the filing deadline for the homestead credit and various property tax deductions from June 11 to October 1. Provides that a person is entitled to claim a homestead credit or certain property tax deductions if: (1) the person owns the property on October 1 of the year in which the credit or deduction is claimed; or (2) the person is, on October 1 of the year in which the credit or deduction is claimed, buying the property under a contract requiring the person to pay the property taxes on the property. Provides that a county auditor may reduce a taxing unit's assessed value that is certified to the department of local government finance to enable the taxing unit to offset the effects of reduced property tax collections in the immediately succeeding calendar year that are expected to result from homestead credit applications or deduction applications that may be filed for the year after the certification of the assessed value. Specifies that the maximum amount of the reduction (together with certain other reductions allowed under existing law) is 2% of the assessed value of property subject to assessment in the taxing unit. Requires the county auditor to send a certified statement to the fiscal officer of each political subdivision of the county and to the department of local government finance that lists adjustments to assessed valuation and other information that are due to processing of homestead credit applications and deduction applications filed after June 10 and before October 1 of a year.
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