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House Bill 1492


House Bill 1492

ARCHIVE (2013)

Latest Information

 

DIGEST OF INTRODUCED BILL


Property tax abatements for certain buildings. Allows a designating body to specify characteristics of buildings to which the term "eligible vacant building" applies when granting a property tax deduction for the occupation of an eligible vacant building in an economic revitalization area. Extends the maximum term for which a property tax deduction for occupation of an eligible vacant building is normally allowed from two years to 10 years. Allows an alternative abatement schedule to be used for a deduction allowed for occupation of an eligible vacant building. Provides a new deduction for a property owner that a designating body determines is likely to vacate a building without the property tax deduction and thus create an eligible vacant building.
Current Status:
 In Committee - first House
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