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ID H0200
Bill
AI Summary
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County assessor shall notify property owners by March 15 each year that newly constructed improvements with no occupancy tax charged will be considered occupied for the current tax year, unless owners indicate by April 15 that improvements remain unoccupied.
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County assessor shall appraise and determine market value for assessment purposes once property is deemed occupied, with an offset allowed for any portion of the improvement that existed on January 1.
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Property owners must be notified of their right to apply for exemptions under sections 63-602G and 63-602X within 30 days of the appraisal notification, with exemptions extended to newly constructed and occupied residential structures meeting requirements.
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Deleted the requirement to notify the county board of equalization and removed the penalty provisions allowing up to 25% additional tax for failure to report occupancy.
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Act takes effect upon passage and approval with retroactive application to January 1, 2011.
Legislative Description
Amends existing law regarding the occupancy tax to provide for newly constructed improvements, upon which no occupancy tax has been charged and to provide that the county assessor shall notify the owner or landowner that the improvement will be considered occupied for the current tax year by a certain date.
OCCUPANCY TAX
Last Action
to Rev/Tax
2/25/2011