SCS/SB 875 - This act establishes the percentage of property tax collections that are deposited in the county assessment fund. The percentage of all property tax collections shall be one-half of one percent for all counties of the first and second classification and one percent for counties of the third and fourth classification. An additional one-eighth of one percent shall be deducted from tax collections and deposited in the county assessment fund in counties of the first classification and counties with a charter form of government, and an additional one-quarter of one percent shall be deducted from tax collections and deposited in the county assessment fund in counties of the second, third, and fourth classification. Such additional amounts shall not exceed $100,000 in any year for any county of the first classification and any county with a charter form of government and $50,000 for any county of the second, third, and fourth classification.

The act requires the State Tax Commission to conduct a study to determine the impact of increased fees on assessed valuation four years after the effective date of this act.

Any increase provided for in this act shall be disallowed in any year the State Tax Commission certifies that the equivalent sales ratio for the county is less than or equal to 31 2/3 percent.

This act will become effective on January 1, 2005 and expire on December 31, 2009.
SUSAN HENDERSON