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IN SJR0001
Joint Resolution
Status
Engrossed
1/12/2010
Primary Sponsor
Howard Kenley
Click for details
AI Summary
- Proposes a constitutional amendment to cap property tax liability beginning in 2012: 1% for homestead properties, 2% for other residential property and agricultural land, and 3% for commercial real property and personal property
- Property taxes approved by voters in a referendum are exempt from these cap calculations
- Allows the General Assembly to exempt certain debt service payments from the caps for counties where the limits would reduce aggregate property tax revenue by at least 20% in 2010, but only for bonds or leases issued before July 1, 2008, and not extending past December 31, 2019
- Clarifies that constitutional provisions permitting property tax exemptions also authorize the legislature to enact property tax deductions and credits
- Requires agreement by two consecutive General Assemblies and ratification by a majority of voters to take effect
Legislative Description
Circuit breakers and other property tax matters.
Last Action
First reading: referred to Committee on Ways and Means
2/9/2010
Full Bill Text
No bill text available