ID H0519

Amends Section 63-602W to exempt site improvements such as roads and utilities from property taxation when held by land developers for sale or consumption in their ordinary business until other improvements like buildings are constructed or title is conveyed.

Requires an application for the site improvements exemption provided in Section 63-602W(4).

Amends Section 63-301A to add a new deduction category on the new construction roll for value reductions resulting from the site improvements exemption in any of the five tax years preceding the current tax year.

Corrects code citations in Section 63-301A by changing paragraph references from (f)(iii) to include (f)(iv).

Declares an emergency and provides retroactive application to January 1, 2012.