Introduced
by
To exempt from regular property tax commercial property subject to the alternative “specific tax” proposed by House Bill 4457. The bills are a response to a 2002 Supreme Court ruling (WPW vs. Troy) which held that the Constitutional tax cap put in place by Proposal A in 1994 capped annual increases in the assessments of commercial property whose assessment had previously been lowered because of high vacancy rates. The “specific tax” would essentially mirror the property tax, but would not be covered by the Supreme Court ruling.
Referred to the Committee on Tax Policy
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that creates the same thing as in the Gregory substitute, except that one has some additional "fine tuning".
The substitute failed by voice vote
Substitute offered
by
To replace the previous version of the bill with one that does not create a new tax exemption and offsetting "specific tax," but instead limits the use of occupancy additions to property tax assessments prior to Dec. 31, 2001, and limits the use of occupancy losses to prior to Dec. 31, 2009.
The substitute passed by voice vote
Passed in the House 69 to 38 (details)
To eliminate the use of occupancy additions and occupancy losses in determining a property's taxable value. The bill is a response to a 2002 Supreme Court ruling (WPW vs. Troy) which held that the Constitutional tax cap put in place by Proposal A in 1994 capped annual increases in the assessments of commercial property whose assessment had previously been lowered because of high vacancy rates (and could not then be increased when occupancy increased). Specifically, The bill limits the use of occupancy additions to property tax assessments prior to Dec. 31, 2001, and limits the use of occupancy losses to prior to Dec. 31, 2009.
Referred to the Committee on Finance
