House Sponsors: FANTIN. Senate Sponsors: SEVERNS Short description: PROP TX-HOMESTEAD IMPROVEMENT Synopsis of Bill as introduced: Amends the Property Tax Code. Deletes provision granting the homestead improvement exemption to property following a catastropic event. Provides that the exemption shall be available for the rebuilding of a residential structure destroyed or rendered uninhabitable or otherwise unfit for occupancy or for customary use by accidental means (excluding destruction resulting from the willful misconduct of the owner). Requires that the owner provide proof to the chief county assessment officer that the improvement is eligible for the exemption. Requires that the structure be rebuilt within 2 years after becoming eligible for the exemption. Limits the exemption to $30,000 per year in fair cash value and applies to the increase in value of the rebuilt structure over the value of the structure before it was destroyed or rendered uninhabitable or otherwise unfit for occupancy or for customary use. Effective January 1, 1998. HOUSE AMENDMENT NO. 1. Further excludes from the exemption residential structures destroyed or rendered uninhabitable or otherwise unfit for occupancy resulting from mine subsidence, or if rebuilt as a result of flooding and located within a local jurisdiction not participating in the National Flood Insurance Program. STATE MANDATES FISCAL NOTE, H-AM 1 HB623, with H-am 1, creates a tax exemption mandate which re- quires a 100% reimbursement by the State. FISCAL NOTE, H-AM 1 (Dept. of Revenue) HB 623 has no fiscal impact on this Dept. STATE MANDATES FISCAL NOTE HB623 fails to create a State mandate. HOME RULE NOTE HB623 does not preempt home authority. GOVERNOR'S AMENDATORY VETO MESSAGE Recommends deleting amendatory provisions in bill. Provides that in counties of 3,000,000 or more inhabitants, an application for a homestead improvement exemption for a residential structure that has been rebuilt following a catastrophic event must be submitted to the Chief County Assessment Officer with a valuation complaint and a copy of the building permit to rebuild the structure. Provides that the Chief County Assessment Officer may require additional documentation that must be provided by the applicant. Last action on Bill: BILL DEAD-AMENDATORY VETO Last action date: 97-10-30 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status