HB507 Summary

• Reduces the property ownership threshold required to establish a self-help business improvement district from two-thirds to one-half of the total fair market value of all real property in the proposed district.

• Lowers the property ownership threshold for amending district ordinances from two-thirds to one-half of the total fair market value when requested by a representative group of property owners.

• Changes the expansion approval requirement from one-third to one-half (by number) of all parcels to allow district expansion, and applies the same one-half fair market value threshold to expansion requests.

• Increases the petition threshold for district termination hearings from 25 percent to 50 percent of assessments paid in the last fiscal year, and raises the objection threshold for termination from one-third to one-half of assessments or parcels.

• Becomes effective immediately upon passage and approval by the Governor, with existing districts remaining subject to the amended provisions.