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2001 SESSION

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HB 1978 Voluntary downzoning.

Introduced by: Robert D. (Bobby) Orrock, Sr. | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Voluntary downzoning. Allow localities by ordinance to enter into a voluntary agreement with a landowner that would result in the downzoning of the landowner's undeveloped or underdeveloped property in exchange for a tax credit equal to the amount of excess real estate taxes that the landowner has paid due to the higher zoning classification. The locality may establish reasonable guidelines for determining the amount of excess real estate tax collected and the method and duration for applying the tax credit.


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