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1999 SESSION

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SB 776 Real estate tax assessments; new construction.

Introduced by: Warren E. Barry | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Real estate tax assessments; new construction. Authorizes any county operating under the urban county executive form of government to provide by ordinance that new buildings shall be assessed when substantially completed or fit for use and occupancy. Real estate taxes on the newly constructed buildings shall be prorated based on the number of days in the tax year that the building is completed. Penalties for nonpayment of tax on new construction completed after November 1 shall not be imposed until the later of December 5 or 30 days after completion. Currently, any locality may elect to assess new buildings if completion occurs prior to November 1, and if it is completed after that date, the new construction is not assessed until the following January 1.


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