HF 105 Summary

• Cities may adopt ordinances establishing land-value taxation districts by identifying specific parcels or geographic areas and defining a procedure for reallocating property taxes among those parcels.

• Before adopting an ordinance, cities must hold a public hearing with notice published on the city website and in at least two issues of the official newspaper two weeks apart, with mailed notice to property owners at least ten days before the hearing.

• Tax reallocation procedures must use uniform rates applied to one or more tax bases: net tax capacity, referendum market value, estimated market value excluding improvements, or estimated market value excluding improvements made after a specified date.

• Cities must compile total property taxes for all taxing jurisdictions within the district, allocate those taxes according to the ordinance terms, and report revised tax amounts to the county treasurer by April 30 of the tax year for mailing to property owners.

• Property owners may appeal land valuations separately from improvement valuations under existing appeal processes, and ordinances must include an evaluation of the district's economic effects within at least 15 years of becoming effective.