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IN HB1120
Bill
Status
1/7/2019
Primary Sponsor
Michael Karickhoff
Click for details
AI Summary
- County councils or local income tax adopting bodies may impose an annual property tax replacement fee of $100-$400 on parcels where deductions or credits reduce the tax liability below the fee amount
- Property taxes actually paid on a parcel are credited against the fee, so owners only pay the difference between their tax liability and the fee
- Fee applies to parcels with $0 property tax liability due to deductions or credits, ensuring a minimum contribution from all property owners
- Threshold for requiring single-installment payment in May increases from $25 to $100 for combined property taxes and replacement fees
- Counties adopting the replacement fee eliminate the existing $5 minimum property tax statement processing fee
Legislative Description
County option 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 but 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 tax replacement fee, if any, in the May installment. Eliminates the $5 minimum property tax statement processing fee if a county adopts the property tax replacement fee.
Last Action
First reading: referred to Committee on Ways and Means
1/7/2019