Amends existing law to revise urban renewal statutes and their effect on property taxation when annexation or plan modification occurs; and to provide that the new construction roll shall include increases in valuation caused by the removal of the agricultural tax exemption from undeveloped agricultural land within a revenue allocation area.
URBAN RENEWAL -- Amends existing law to revise urban renewal statutes and their effect on property taxation when annexation or plan modification occurs; and to provide that the new construction roll shall include increases in valuation caused by the removal of the agricultural tax exemption from undeveloped agricultural land within a revenue allocation area.
STATEMENT OF PURPOSE
Thepurposeofthislegislationistorevisethedefinitionofbaseassessmentrollasitrelatestourbanrenewal. Provide that failure to submit required attestation to the State Tax Commission will result in resetting of the base value and to provide that the new construction roll shall include increases in base value due to increases in valuation caused by the removal of the agricultural tax exemption from undeveloped agricultural land within a revenue allocation area.
LATEST ACTION
Reported Printed and Referred to Revenue & Taxation
BILL INFO
- Session
- 2017
- Chamber
- house
- Status date
- Feb 8, 2017