Loading chat...
ID S1357
Bill
Status
4/5/2012
Primary Sponsor
Judiciary and Rules Committee
Click for details
AI Summary
-
Persons holding purchase money security interests in personal property valued over $20,000 may request the tax collector to segregate that specific property from the personal property tax parcel before repossessing and selling it.
-
The person requesting segregation must provide a copy of the purchase money security interest agreement with their request to the tax collector.
-
The county assessor determines the market value of the segregated property, and the tax collector calculates all taxes owed including delinquencies, late charges, accrued interest, costs, and estimated current year taxes on that segregated portion.
-
All personal property taxes owed on the segregated property, including late charges, accrued interest, and costs, must be paid to the tax collector before the property can be repossessed or sold.
-
Segregating specific personal property does not affect the priority of the tax lien on the remaining personal property items in the parcel.
Legislative Description
Amends existing law relating to property taxes to provide a procedure relating to the segregation of certain personal property for persons holding purchase money security interests in the property who desire to repossess and sell the property, to provide procedures for county assessors and tax collectors, to provide for the payment of personal property taxes owed and to provide that segregation of specific personal property shall not affect the priority of the tax lien on the remaining personal property items in the parcel.
PERSONAL PROPERTY
Last Action
Governor signed Session Law Chapter 307 Effective: 07/01/12
4/5/2012