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Senate Bill 0012


 

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Senate Bill 0012

ARCHIVE (2008)

Latest Information

 
DIGEST OF SB12 (Updated January 29, 2008 2:46 pm - DI 84)

Circuit-breaker credit for property taxes. Provides that for property taxes first due and payable in 2009, the circuit-breaker credit is equal to the amount by which a person's property tax liability attributable to the person's: (1) homestead exceeds 1.5%; (2) residential property exceeds 2.5%; (3) nonresidential real property exceeds 3%; or (4) personal property exceeds 3%; of the gross assessed value of the property that is the basis for determination of the property taxes. Provides that for property taxes first due and payable in 2010 and thereafter, the circuit-breaker credit is equal to the amount by which a person's property tax liability attributable to the person's: (1) homestead exceeds 1%; (2) residential property exceeds 2%; (3) nonresidential real property exceeds 3%; or (4) personal property exceeds 3%; of the gross assessed value of the property that is the basis for determination of the property taxes. Specifies that property taxes imposed after being approved by the voters in a referendum or local public question shall not be considered for purposes of calculating the circuit-breaker credit. Eliminates the provision specifying that school tuition support property tax levies may not be reduced because of the circuit-breaker credit. Specifies the extent to which land assessments are eligible for a credit. Repeals obsolete provisions. Makes conforming amendments.
    Current Status:
     In Committee - 2nd House
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