House Sponsors: BIGGINS-CURRIE-HOLBROOK AND MOORE,ANDREA. Senate Sponsors: RAUSCHENBERGER Short description: PROP TAXES-HISTORIC RESIDENCES Synopsis of Bill as introduced: Amends the Property Tax Code with regard to valuation procedures for historic residences. Provides that the Sections concerning the valuation of historic residences shall be cited as the Historic Residence Assessment Freeze Law. Provides that "fair cash value" represents the value of the property prior to the commencement of rehabilitation without consideration of any reduction reflecting value during the rehabilitation work. Provides that "base year valuation" means the value in the year the rehabilitation period begins but prior to the commencement of the rehabilitation and does not include any reduction in value during the rehabilitation work. Provides that the assessment freeze is applicable to the value added by the rehabilitation. Provides that the Director or Revenue shall promptly notify the assessment officer of receipt of applications for certificates of rehabilitation. Provides that the amendatory changes, except the change requiring the Director to notify the assessment officer of receipt of applications, are declarative of existing law. HOUSE AMENDMENT NO. 1. Provides that the assessment freeze shall eliminate from consideration, for assessment purposes, the value added by the rehabilitation and limit the total valuation to the base year valuation (now, the assessment freeze is applicable to the value added by the rehabilitation). Last action on Bill: PUBLIC ACT.............................. 91-0806 Last action date: 00-06-13 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status