2018 House Bill 5435 ↩

Senate Roll Call 393: Passed

To revise a “commercial rehabilitation act” that authorizes "freezing" property tax payments for redevelopment projects involving commercial property selected by local officials, even if property values rise. The bill would allow the recipients of these tax breaks to get them revoked if falling property values and assessments mean the "frozen" tax levy amount is actually higher than it would be if the property were assessed at its current value. The bill would also provide for the owner or a subsequent owner getting a revoked tax break reinstated.