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IN SB0200

Bill

Official Source

Status

Introduced

1/4/2012

Primary Sponsor

Joseph Zakas

Click for details

Origin

Senate

2012 Regular Session

AI Summary

  • Creates a tax credit limiting annual property tax increases on homestead properties to 5% per year
  • Excludes property tax increases attributable to improvements or expansions of the homestead from the 5% cap calculation
  • Calculates the credit as the difference between current year property tax liability and 105% of the previous year's liability (after credits)
  • Applies to property taxes imposed for assessment dates after January 15, 2012, with an effective date of January 1, 2013
  • If a taxpayer qualifies for both this credit and the existing credit under section 8.5, only the section 8.5 credit applies

Legislative Description

Homestead property tax bill cap.

Last Action

First reading: referred to Committee on Appropriations

1/4/2012

Full Bill Text

No bill text available