90th General Assembly
Summary of SB1371
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Senate Sponsors:

Short description: 
PROP TX-RENOVATION EXEMPTION                                               

Synopsis of Bill as introduced:
        Amends the Property Tax Code.  Creates a property  tax  exemption      
   for property that qualifies for special real property tax relief under      
   the  Longtime  Owner-Occupant  Property  Tax  Relief  Act.  Limits the      
   exemption to the increase of real property taxes that  is  due  to  an      
   increase  in  the market value of the property as a consequence of the      
   refurbishing or renovation of other residences or the construction  of      
   new  residences  in  long-established  residential  areas  or areas of      
   deteriorated, vacant, or abandoned  homes  and  properties.   Provides      
   that  the  exemption  may be granted until the longtime owner-occupant      
   transfers title to the property. Provides that the assessor  or  chief      
   county  assessment  officer  may  determine  the  eligibility  of  the      
   property  to  receive  the exemption by application, questionnaire, or      
   other reasonable methods. Provides that  the  determination  shall  be      
   made  in  accordance  with  guidelines  established by the Department.      
   Effective immediately.                                                      
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


 Full Text  Bill Status