2019 Regular Session
|At the request of:||(at the request of House Interim Committee on Revenue)|
|Bill Title:||Relating to property taxation of certain business property; prescribing an effective date.|
Provides that, for ad valorem property tax purposes, real market value of commercial and industrial property be three-year average.
Provides five-year ramp-up to taxation on real market value of commercial and industrial property that has ratio of maximum assessed value to real market value of 90 percent or less. Sets rate of property taxes imposed on commercial and industrial property at $___, with first $5 dedicated to school districts, education service districts and community college districts. Provides that $5 of such rate is not subject to compression under Ballot Measure 5 (1990). Bars commercial and industrial property from receiving discount upon early payment of property taxes. Directs Department of Revenue to help counties with extra complexity due to changes made by Act. Appropriates moneys to Department of Revenue for providing such help. Becomes operative only if House Joint Resolution 4 (2019) is approved by people at next regular general election. Becomes operative on effective date of constitutional amendment proposed by House Joint Resolution 4 (2019). Takes effect on 91st day following adjournment sine die.
|Fiscal Impact:||May Have Fiscal Impact, But No Statement Yet Issued|
|Revenue Impact:||May Have Revenue Impact, But No Statement Yet Issued|
|Measure Analysis:||Staff Measure Summary / Impact Statements|
|Current Location:||In House Committee|
|Current Committee:||House Committee On Revenue|
|Potential Conflicts of Interest/Vote Explanations:||Potential Conflicts of Interest/Vote Explanation Documents|