HB 1254 Summary

• Allows county fiscal bodies to adopt ordinances providing a 100% assessed value deduction for personal property newly located in certified technology parks and primarily used for high technology activities.

• County councils must determine the deduction period, which must be between 2 and 10 assessment years, with ordinances adopted before January 1 of the first year deductions apply.

• Excludes personal property used for routine administrative purposes and property included in tax increment financing allocations from the deduction.

• Property must be first assessed after December 31, 2010, and no deductions may be granted for property installed after March 1, 2015.

• Requires property owners to file certified deduction schedules with county assessors annually, with county assessors authorized to deny or alter deductions before March 1 following the assessment date, subject to appeal rights.