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ID H0462
Bill
Status
3/14/2018
Primary Sponsor
Revenue and Taxation Committee
Click for details
AI Summary
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Each forest land parcel shall remain at or revert to its productivity classification status as of January 1, 2016, effective upon passage of this act.
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Taxes assessed prior to the effective date of this act remain due and payable under the productivity classification in effect at the time of assessment.
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The Committee on Forest Land Taxation Methodologies (CFTM) shall designate a process by which county assessors may change a parcel's productivity classification, including requirements for landowner notification, inspector qualifications, and document retention.
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The state tax commission shall promulgate rules to implement the CFTM-designated process, after which forest productivity classification may be subject to change pursuant to the rules.
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The guiding discount rate and real price appreciation rate for timber products remain constant at 4% and 1.25%, respectively, until January 1, 2022.
Legislative Description
Amends existing law to provide for a productivity classification of a forest land parcel to remain or revert to a certain classification status and to require a process by which a county assessor may seek to change the productivity classification in the future.
FOREST LANDS TAXATION
Last Action
Reported Signed by Governor on March 14, 2018 Session Law Chapter 83 Effective: 03/14/2018
3/14/2018