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IN HB1204
Bill
Status
1/7/2016
Primary Sponsor
Michael Karickhoff
Click for details
AI Summary
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Permits county councils or local income tax councils to establish an annual property tax replacement fee of $100-$400 on parcels receiving assessed value deductions or property tax credits that reduce liability below the fee amount.
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Property taxes paid on the parcel serve as a credit against the fee, with the credit not exceeding the total fee amount.
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County treasurer must include the fee on property tax statements and specify the property taxes applied as credit, stating the net fee amount due.
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Fee revenue is allocated and distributed in the same manner and timing as property taxes, constituting additional revenue to recipients.
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Raises the threshold for single installment payment requirement from $25 to $100 for combined property tax liability and replacement fee, and eliminates the $5 minimum property tax statement processing fee in counties adopting the replacement fee.
Legislative Description
Property tax replacement fee. Permits a county council or county income tax council to establish 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 the fee amount set by the county. Provides that the fee must be at least $100 and not more than $400. Specifies that the property taxes paid on the parcel are a credit against the fee. Changes the county option amount from $25 to $100 for requiring the payment of property taxes and the property
Last Action
First reading: referred to Committee on Ways and Means
1/7/2016