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2012 SESSION

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SB 73 Residential rental apartments; appeal of real property assessments, fair market value.

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

SUMMARY AS PASSED: (all summaries)

Real property tax; valuation of residential rental apartments.  Requires that, in any appeal to a board of equalization concerning the fair market value of residential apartments in excess of four units, the board use the income approach to valuation, unless certain specified exceptions exist. Criteria to be used in making this determination include actual gross income generated, losses due to vacancies, collection losses, and rent concessions, as well as actual operating expenses and expenditures. The bill contains an emergency clause and is effective for tax years beginning on or after January 1, 2012. The bill is identical to HB 1073.

FULL TEXT

• 01/05/12  Senate: Prefiled and ordered printed with emergency clause; offered 01/11/12 12103414D  pdf | impact statement
• 01/25/12  Senate: Committee substitute printed 12104695D-S1  pdf | impact statement
• 02/20/12  House: Committee substitute printed 12105397D-H1  pdf
• 03/01/12  Senate: Bill text as passed Senate and House (SB73ER)  pdf | impact statement
• 04/09/12  Governor: Acts of Assembly Chapter text (CHAP0707)  pdf

HISTORY

• 01/05/12  Senate: Prefiled and ordered printed with emergency clause; offered 01/11/12 12103414D
• 01/05/12  Senate: Referred to Committee on Finance
• 01/25/12  Senate: Reported from Finance with substitute (14-Y 0-N 1-A)
• 01/25/12  Senate: Committee substitute printed 12104695D-S1
• 01/26/12  Senate: Constitutional reading dispensed (40-Y 0-N)
• 01/27/12  Senate: Read second time
• 01/27/12  Senate: Reading of substitute waived
• 01/27/12  Senate: Committee substitute agreed to 12104695D-S1
• 01/27/12  Senate: Engrossed by Senate - committee substitute SB73S1
• 01/30/12  Senate: Read third time and passed Senate (37-Y 3-N)
• 02/13/12  House: Placed on Calendar
• 02/13/12  House: Read first time
• 02/13/12  House: Referred to Committee on Finance
• 02/13/12  House: Assigned Finance sub: #1
• 02/15/12  House: Subcommittee recommends reporting (10-Y 0-N)
• 02/20/12  House: Reported from Finance with substitute (20-Y 0-N)
• 02/20/12  House: Committee substitute printed 12105397D-H1
• 02/21/12  House: Read second time
• 02/22/12  House: Passed by for the day
• 02/23/12  House: Read third time
• 02/23/12  House: Committee substitute agreed to 12105397D-H1
• 02/23/12  House: Engrossed by House - committee substitute SB73H1
• 02/23/12  House: Passed House with substitute BLOCK VOTE (100-Y 0-N)
• 02/23/12  House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
• 02/27/12  Senate: House substitute agreed to by Senate (40-Y 0-N)
• 02/27/12  Senate: Title replaced 12105397D-H1
• 03/01/12  Senate: Enrolled
• 03/01/12  Senate: Bill text as passed Senate and House (SB73ER)
• 03/01/12  House: Signed by Speaker
• 03/03/12  Senate: Signed by President
• 04/09/12  Governor: Approved by Governor-Chapter 707 (effective 4/9/12)
• 04/09/12  Governor: Acts of Assembly Chapter text (CHAP0707)