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2018 SESSION
HB 590 Real property tax; determining fair market value of real property owned by a community land trust.
Introduced by: Betsy B. Carr | all patrons ... notes | add to my profiles
SUMMARY AS PASSED HOUSE: (all summaries)
Real property tax; assessment or exemption of property conveyed or owned by a community land trust. Requires the assessor, in determining the fair market value of structural improvements conveyed by a community land trust, subject to a ground lease having a term of at least 90 years, while retaining a preemptive option to purchase such structural improvements at a price determined by a formula that is designed to ensure that the improvements remain affordable to low-income and moderate-income families in perpetuity, to consider (i) certain restrictions on the price at which the improvements may be sold and (ii) the amount of loans of the owner of the improvements as evidenced by a deed of trust or leasehold deed of trust on the improvements or underlying real property owned by the community land trust and that earns no interest and requires no repayment prior to satisfaction of any interest-earning promissory note or a subsequent transfer of the property, whichever comes first.
FULL TEXT
- 01/08/18 House: Prefiled and ordered printed; offered 01/10/18 18100278D pdf | impact statement
- 02/07/18 House: Printed as engrossed 18100278D-E pdf | impact statement
- 02/28/18 House: Bill text as passed House and Senate (HB590ER) pdf | impact statement
- 03/23/18 Governor: Acts of Assembly Chapter text (CHAP0436) pdf
AMENDMENTS
HISTORY
- 01/08/18 House: Prefiled and ordered printed; offered 01/10/18 18100278D
- 01/08/18 House: Referred to Committee on Finance
- 01/16/18 House: Assigned Finance sub: Subcommittee #1
- 01/22/18 House: Referred from Finance by voice vote
- 01/22/18 House: Referred to Committee on Counties, Cities and Towns
- 01/29/18 House: Assigned CC & T sub: Subcommittee #2
- 01/31/18 House: Subcommittee recommends reporting with amendment (8-Y 0-N)
- 02/02/18 House: Reported from Counties, Cities and Towns with amendments (22-Y 0-N)
- 02/06/18 House: Read first time
- 02/07/18 House: Read second time
- 02/07/18 House: Committee amendments agreed to
- 02/07/18 House: Engrossed by House as amended HB590E
- 02/07/18 House: Printed as engrossed 18100278D-E
- 02/08/18 House: Read third time and passed House BLOCK VOTE (99-Y 0-N)
- 02/08/18 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 02/09/18 Senate: Constitutional reading dispensed
- 02/09/18 Senate: Referred to Committee on Finance
- 02/21/18 Senate: Reported from Finance (14-Y 2-N)
- 02/22/18 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/23/18 Senate: Passed by for the day
- 02/26/18 Senate: Read third time
- 02/26/18 Senate: Passed Senate (37-Y 2-N)
- 02/28/18 House: Enrolled
- 02/28/18 House: Bill text as passed House and Senate (HB590ER)
- 02/28/18 House: Signed by Speaker
- 03/03/18 Senate: Signed by President
- 03/06/18 House: Enrolled Bill communicated to Governor on March 6, 2018
- 03/06/18 Governor: Governor's Action Deadline Midnight, April 9, 2018
- 03/23/18 Governor: Approved by Governor-Chapter 436 (effective 7/1/18)
- 03/23/18 Governor: Acts of Assembly Chapter text (CHAP0436)