Introduced
by
To extend the principle residence (or homestead) property tax exemption from local school operating taxes to property owned by a builder or developer which is in the process of being developed for sale as single family homes or condominiums. It also would exempt the transfer of residential development property from the property tax “pop up,” where the property tax assessment jumps from a capped “taxable value” to the current (and higher) state equalized value (market value).
Referred to the Committee on Tax Policy
Reported without amendment
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that would also exempt new construction on residential development property (spec homes), and the lot they occupy, from all property taxes until they are sold. The substitute does not include the proposal to exempt the transfer of residential development property from the property tax “pop up,” where the property tax assessment jumps from a capped “taxable value” to the current (and higher) state equalized value (market value).
The substitute passed by voice vote
Amendment offered
by
To not extend the exemption to hunting lands located in an area used predominantly for recreational purposes, but are classified as residential property.
The amendment passed by voice vote
Amendment offered
by
To limit the length of the proposed tax exemption on spec homes to three years.
The amendment passed by voice vote
Passed in the House 58 to 48 (details)
To extend the principle residence (or homestead) property tax exemption from local school operating taxes to platted but unimproved property owned by a builder or developer which is in the process of being developed for sale as single family homes or condominiums. Also, to exempt new construction on such property (spec homes), and the lot they occupy, from all property taxes until they are sold.
Referred to the Committee on Finance
