Introduced
by
To revise an “obsolete property 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.
Referred to the Committee on Commerce and Trade
Reported without amendment
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Passed in the House 100 to 9 (details)
Referred to the Committee on Commerce
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 37 to 0 (details)
To revise an “obsolete property 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.
