Loading chat...
IN HB1026
Bill
Status
1/5/2016
Primary Sponsor
Cherrish Pryor
Click for details
AI Summary
-
Allows county commissioners, county councils, city-county councils, or city common councils to establish a neighborhood enhancement property tax relief program providing assessed value deductions to qualified homeowners.
-
Limits eligibility to longtime owner-occupants (at least 10 years continuous ownership and occupancy) of homesteads in designated distressed areas with gross assessed values not exceeding $100,000.
-
Provides a deduction equal to 90% of the "enhancement increase" (property value increases resulting from area renovation or new construction, excluding improvements to the qualified homestead itself).
-
Permits adopting bodies to include a recapture requirement of up to 25% of total tax reductions granted when a qualified homestead is sold.
-
Deduction is automatically applied by county auditor based on county executive's parcel list; homeowners are not required to submit an application.
-
Effective July 1, 2016.
Legislative Description
Property tax relief. Permits a board of county commissioners, a county council, a city-county council, or a city common council to establish a neighborhood enhancement property tax relief program. Specifies that under the program a property tax assessed value deduction is provided that reduces real property taxes on some longtime owner-occupants of residences. Provides that the residences must be located in designated distressed areas where real property values have risen markedly as a consequence of the renovation of other residences or the construction of new residences in the area. Specifies that the deduction is 90% of the increased value. Permits
Last Action
Representatives Brown, T., Porter, Braun added as coauthors
1/11/2016