Introduced
by
To authorize an alternative “specific tax” for five years on tax-reverted property sold by a local government. This would replace regular property taxes, but be levied at the same rate. House Bill 4487, to which the bill is tie barred, establishes an alternative distribution formula for the revenue. Half the revenue would be distributed to schools and other units of government under the existing formula, and half would go directly to the local government to be used to clear title on eligible tax reverted property, or to repay certain loans. The state would be required to pay to schools the remainder of the portion of the regular property tax that would have gone to them. See also House Bill 4483.
Referred to the Committee on Land Use and Environment
