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PROPERTY TAX REDUCTION

Author: Bethany Gosewehr Date: March 05, 2014

The bill passed on the very last day of the 2013 session and does the following:

  • 10% rollback over 2 years on commercial and industrial property taxes.
  • 100% backfill to local governments for loss revenue on the rollback
  • Property Tax Credit for small businesses
  • Limit assessment growth from 4% to 3% on agriculture and residential propertie
  • Exemption of 20-40% on telecommunications property
  • Establishment of a new “multi-residential” class that will allow apartments, assisted living and nursing homes to be assessed like residential properties
  • Rebate between $30-60 to individual income taxpayers who have tax liability when the Taxpayer Trust Fund receives over $30 million.
  • Earned Income Tax Credit Increase from 7%-15%.

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