H.B. 119 Summary

• Establishes a property tax payment deferment program for businesses that experienced at least 25% reduction in gross revenues or sales tax collections due to COVID-19 governmental restrictions.

• Allows qualifying business owners to apply for a payment plan for property taxes owed, with equal monthly installments due by December 31 of the delinquency year, with interest and enforced collections waived if the payment plan is maintained and property is not sold.

• Requires applications for 2020 property taxes by May 1, 2021; subsequent year applications must be submitted before taxes become delinquent.

• Permits property assessors to modify property tax valuations to account for COVID-19 impacts for qualifying businesses, recognizing changes in value proportionate to the time governmental restrictions were in effect.

• Allows forfeiture of program benefits and retroactive recalculation of taxes, interest, and penalties if application information is later found to be incorrect.