Senate Bill 0490
DIGEST OF SB 490 (Updated February 19, 2009 10:23 am - DI 58)
Property taxes. Permits a county to provide a property tax replacement credit against county property tax levies to taxpayers in certain taxing districts in which the assessed valuation subject to property tax exemption is proportionally greater than the average assessed valuation (weighted for the relative taxable assessed value) subject to exemption in other taxing districts in the county. Specifies that a property tax replacement credit may be provided only in counties in which the percentage of assessed valuation subject to exemption for at least one taxing district is at least 20% greater than the county average. Imposes a property tax levy to replace the revenue lost due to the credit in each taxing district in which the assessed valuation subject to exemption is proportionally less than the average assessed valuation subject to exemption in other taxing districts in the county. Specifies that the property taxes imposed to replace the lost revenue are not subject to the property tax levy limits.
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