Loading chat...
ID H0357
Bill
Status
2/13/2012
Primary Sponsor
Revenue and Taxation Committee
Click for details
AI Summary
H.B. 357 Summary
-
Forest land values for taxation purposes are floored at the 2011 valuation level for all four forest value zones for a ten-year period effective January 1, 2012.
-
Forest land value ceiling for taxation purposes is capped at 30% above the 2011 forest land values during the ten-year period.
-
Annual changes for taxation purposes are limited to no more than a 5% annual increase or decrease from the previous year, with the model-derived value used only when between the floor and ceiling.
-
Forest management cost allowance (FMCA) continues to be calculated based on 2004 Committee on Forest Land Taxation Methodologies (CFTM) negotiated custodial rates indexed by the ten-year rolling average changes in the producer price index until January 1, 2017.
-
The act becomes effective retroactively to January 1, 2012, with an emergency declaration to expedite implementation.
Legislative Description
Amends existing law to establish standards and methods for the valuation for the taxation of forest lands under the productivity option to apply for a ten year period, and to provide for the forest management allowance to be calculated on certain criteria.
PROPERTY TAX
Last Action
Governor signed Session Law Chapter 9 Effective: 01/01/12
2/13/2012