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ID H0116
Bill
Status
2/8/2017
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
HB 116 Summary
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Effective July 1, 2017, taxable value of property added to a revenue allocation area through boundary extension via annexation shall be added to the base value in that area.
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Revises the definition of "base assessment roll" to include increases in valuation from removal of agricultural tax exemption on undeveloped agricultural land and from newly annexed property in revenue allocation areas occurring on or after July 1, 2017.
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Requires urban renewal agencies to submit annual attestation to the State Tax Commission confirming whether plan modifications occurred; failure to submit results in resetting the base value as if a modification had occurred, with exceptions for technical amendments and boundary extensions.
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Amends the new construction roll to include increases in base value resulting from removal of the agricultural tax exemption from undeveloped agricultural land within revenue allocation areas.
Legislative Description
Amends existing law to revise urban renewal statutes and their effect on property taxation when annexation or plan modification occurs; and to provide that the new construction roll shall include increases in valuation caused by the removal of the agricultural tax exemption from undeveloped agricultural land within a revenue allocation area.
URBAN RENEWAL
Last Action
Reported Printed and Referred to Revenue & Taxation
2/9/2017