Senate Bill 262 Summary

• Increases the true cash value threshold for rehabilitated facilities from $80,000 to $95,000 per unit to qualify for neighborhood enterprise zone tax benefits.

• Extends the public hearing timeline from 45 days to 60 days after notice is sent before the governing body acts on a neighborhood enterprise zone designation resolution.

• Allows condominium units within qualified historic buildings to be held under common ownership as part of residential housing development.

• Clarifies that facilities in qualified downtown revitalization districts may contain fewer than 10 platted parcels if the parcels together contain 10 or more facilities.

• Permits amended obsolete property rehabilitation certificates for portions of parcels where neighborhood enterprise zone certificates are not being applied for, with taxable value calculated before the building permit was issued.