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DIGEST OF SB256 (Updated January 26, 2006 2:37 pm - DI 84)
Credit for excessive residential property taxes. Provides the following with respect to the credit for excessive residential property taxes: (1) Eliminates the county option as to whether to apply the credit. (2) Requires each county to adopt an ordinance to specify the types of residential property that are eligible for the credit (which may be any combination of homesteads, apartment complexes, or other residential rental property). (3) Eliminates the authority for a county to borrow to cover revenue reductions that result from application of the credit and to levy property taxes to repay the loans. (4) Requires the county auditor to notify each political subdivision of those reductions. (5) For taxes payable in 2006, allows a county fiscal body to adopt an ordinance, before 2006 tax statements are issued, authorizing the credit under the law as it applied before the amendments under this act.
