SB 00478 Summary

• Modifies property assessment appeal procedures by requiring applicants to file real estate appraisals within 90 days of filing an appeal, with court authority to dismiss applications if appraisals are not timely submitted.

• Prohibits contingency fee arrangements between representatives and applicants in property assessment appeals where property value is $700,000 or less.

• Establishes homeownership incentive tracts in municipalities with low owner-occupied home rates (15% or less), providing income tax exemptions to owners and eligible renters; exemptions phase out as homeownership rates reach 49%.

• Creates tax credit voucher program administered by Department of Economic and Community Development offering credits up to 10% of lease payments and capital improvements for businesses leasing at least 10,000 square feet of commercial office space in downtown areas of distressed municipalities with populations of 80,000 or more.

• Establishes residential conversion tax credit program offering 25-30% credits on qualified rehabilitation expenditures for converting commercial office buildings to residential or mixed-use buildings in downtown distressed municipalities, with enhanced credits for projects including affordable housing or in opportunity zones.

• Authorizes Capital Region Development Authority to solicit investment funds from corporations and business entities for capital city projects under equivalent terms, with board discretion to prioritize investor repayment.