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HB 0196 - Property Tax Assessment - Income Approach, Low-Income Housing, and Mental Health Facilities
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Tracking Level: Oppose
Sponsor: Matt Dollar
Last Action: 7/1/2017 - Effective Date
House Committee: Ways & Means
Senate Committee: Finance
Assigned To:
Larry RamseyNext Bill
Property TaxNext Bill

Staff Analysis of the Legislation

In its original form, this bill would have excluded musical royalties for state income-tax purposes. On the last day of the legislative session, that language was removed in favor of language from four unrelated property tax bills: HB 325, HB 285, HB 195, and HB 209. Section 1 of the revised HB 196 incorporates the former HB 325 and HB 285, which (respectively) 1) require tax assessors to consider property-specific income data (if supplied by the owner) and to utilize an income approach valuation if data is available, and 2) limit tax assessors' use of low-income housing tax credits in valuing properties that receive such credits. Section 2 of the revised HB 196 provides that mental health facilities owned by limited liability companies that in turn are owned by tax-exempt corporations are exempt from property taxes in the same manner as such facilities directly owned by tax-exempt corporations. Section 3 of the revised HB 196 allows for retroactive application for property tax exemptions for disabled veterans, where such veterans receive a retroactive determination of disability from the U.S. Dept. of Veterans Affairs. Such disabled veterans would be permitted to seek tax refunds for up to three years of such retroactive period.

Bill Summary from the State Site - Click for the State Summary Page / Click for Current Full Text

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