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2011 SESSION

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SB 785 Real property tax assessment; partial exemption for certain improvements.

Introduced by: John C. Watkins | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Real property tax assessment; partial exemption for certain improvements.  Clarifies that the partial exemption from the assessed value of real property subject to real property tax for improvements to rehabilitated, renovated, or replacement residential structures or for improvements in rehabilitation districts or redevelopment or conservation areas runs with the land and shall not be reduced during the period of exemption, unless the locality notifies the taxpayer at the time the exemption is approved that the amount may be reduced. The bill contains an emergency clause and technical amendments.

SUMMARY AS PASSED SENATE:

Real property tax assessment; partial exemption for certain improvements.  Clarifies that the partial exemption from the assessed value of real property subject to real property tax for improvements to rehabilitated, renovated, or replacement residential structures or for improvements in rehabilitation districts or redevelopment or conservation areas shall not be reduced during the period of exemption, and that the exemption runs with the land, unless the local governing body by written notice advises the property owner at the initial time of approval of the exemption that the exempt amount may be decreased during the period of the exemption.

SUMMARY AS INTRODUCED:

Real property tax assessment; partial exemption for certain improvements. Clarifies that the partial exemption from the assessed value of real property subject to real property tax for improvements to rehabilitated, renovated, or replacement residential structures or for improvements in rehabilitation districts or redevelopment or conservation areas shall not be reduced during the period of exemption, and that the exemption runs with the land. The bill contains technical amendments.