Senate Bill 440
Introduced Senate Bill (S)
DIGEST
Assessed value growth quotient for tax purposes. Provides that a county based assessed value growth quotient may be determined for each civil taxing unit. Provides that the assessed value growth quotient for a civil taxing unit is the lesser of: (1) the quotient determined using a six year average of statewide income growth (as current law provides); or (2) the quotient determined using a six year average of assessed value growth in the county in which the particular civil taxing unit is located. Makes conforming changes.
Assessed value growth quotient for tax purposes. Provides that a county based assessed value growth quotient may be determined for each civil taxing unit. Provides that the assessed value growth quotient for a civil taxing unit is the lesser of: (1) the quotient determined using a six year average of statewide income growth (as current law provides); or (2) the quotient determined using a six year average of assessed value growth in the county in which the particular civil taxing unit is located. Makes conforming changes.
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