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IN HB1519
Bill
Status
1/20/2015
Primary Sponsor
Robert Heaton
Click for details
AI Summary
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Exempts tangible property from taxation if owned by an agricultural organization exempt from federal income tax under Section 501(c)(5) of the Internal Revenue Code, including tracts of land up to 140 acres where county fairs have been conducted for at least 50 years, improvements on the land, and personal property used for exempt purposes.
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Makes the exemption retroactive to January 1, 2011, and allows qualified taxpayers to apply for exemptions before September 1, 2015, for assessment dates from March 1, 2011, through March 1, 2015.
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County assessors must grant exemptions if the eligible property would have qualified under the retroactive exemption on the covered assessment dates, and no further appeals board or state board action is necessary.
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Entitles eligible taxpayers to refunds of all property taxes, penalties, and interest paid on the property for applicable assessment dates, with refunds payable in two equal annual installments at county auditor discretion.
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Section 2 of the bill expires July 1, 2018.
Legislative Description
Property tax exemption. Provides that certain tangible property is exempt from property taxation if the tangible property is owned by an agricultural organization that is exempt from federal income taxation under Section 501(c)(5) of the Internal Revenue Code. Provides that the exemption is retroactive to the 2011 assessment date. Provides that eligible taxpayers may submit exemption applications before September 1, 2015, for property tax exemptions for eligible properties with respect to the 2011 through 2015 assessment dates. Provides that an eligible taxpayer is entitled to a property tax exemption if the county assessor finds that the parcel would have qualified
Last Action
Representatives Kersey and Morrison added as coauthorss
1/22/2015