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House Bill 1004

House Bill 1004

ARCHIVE (2010)

Latest Information

DIGEST OF HB1004 (Updated January 12, 2010 4:13 pm - DI 84)

Property taxes. Requires trending adjustments to real property assessments every two years instead of annually. In making the annual calculation of the base rate for the assessment of agricultural land, requires the department of local government finance to use an adjusted six year average that eliminates the highest and lowest values determined for the six year period. Applies a property tax credit to limit property tax liability on real property based on the change in the annual average Consumer Price Index (CPI) . Requires the budget agency to determine and give notice of the CPI factor. Excepts from eligibility for the credit taxes based on certain changes relating to the real property, taxes imposed after being approved by the voters in a referendum or local public question, taxes payable in the first year after certain transfers of title, taxes that result from the correction of an error, and taxes attributable to the elimination of or a reduction in the amount of a tax abatement deduction . Specifies how the credit applies if parcels are combined. Allows an appeal to the distressed unit appeal board by certain political subdivisions affected by the credit. Specifies the relief that board may authorize.
Current Status:
In Committee - 2nd House
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