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IN HB1620
Bill
Status
1/22/2015
Primary Sponsor
Rhonda Rhoads
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AI Summary
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Establishes an annual property tax replacement fee on parcels receiving assessed value deductions or property tax credits that reduce annual property tax liability below $100, with a minimum annual property tax and fee requirement of $100 per parcel.
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Increases the threshold for requiring single installment payment of property taxes and replacement fees from $25 to $100 or less.
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Eliminates the $5 minimum property tax statement processing fee and replaces it with a property tax replacement fee equal to the difference between actual liability and $100.
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Revenue from the property tax replacement fee shall be allocated in the same manner and at the same time as property taxes.
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Effective January 1, 2016.
Legislative Description
Property tax replacement fee. Establishes an annual property tax replacement fee on any parcel receiving assessed value deductions or property tax credits that reduce the annual property tax liability on the parcel to less than $100. Provides that the minimum annual amount due in property taxes and the property tax replacement fee per parcel is $100. Changes from $25 to $100 the amount for requiring the payment of property taxes and the property tax replacement fee in one installment. Eliminates the $5 minimum property tax statement processing fee.
Last Action
Representative Clere added as coauthor
2/3/2015