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IN HB1247
Bill
Status
1/10/2017
Primary Sponsor
Michael Karickhoff
Click for details
AI Summary
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Permits county councils and local income tax adopting bodies to establish an annual property tax replacement fee on parcels receiving assessed value deductions or property tax credits that reduce annual liability below the fee amount.
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Sets the property tax replacement fee between $100 and $400, with property taxes paid on the parcel applied as a credit against the fee.
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Requires county treasurers to include the replacement fee on property tax statements, specifying property taxes applied as credit and the net fee amount due.
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Allocates replacement fee revenue in the same manner and at the same time as property tax revenue, as additional revenue to recipients.
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Increases the county option threshold from $25 to $100 for requiring single-installment payment of property taxes and replacement fees in May, and eliminates the $5 minimum property tax statement processing fee if a county adopts the replacement fee.
Legislative Description
Property tax replacement fee. Permits a county council or a local income tax adopting body 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
Last Action
First reading: referred to Committee on Ways and Means
1/10/2017