HB 0211 Changes In Property Tax Classifications
Sponsor:LUMPE Handling House Bill:SCOTT
Committee:WAME LR Number:S0689.07T
Last Action:06/01/95 - Signed by Governor (w/EC)
Title:SCS/HB 211
Effective Date:August 28, 1995
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Current Bill Summary

SCS/HB 211 - All real property which is improved by a structure which is used or intended to be used for human occupants is to be classified as residential property. Currently, structures with 5 or more dwelling units, condominiums, cooperative housing associations, or independent living facilities for the elderly are excluded from the residential property definition. Residential property shall not include similar facilities which are used primarily for transient housing. A portion of certain privately owned airports, exclusive of structures, shall be reclassified as agricultural and horticultural property.

Any taxing district losing revenue because of this change may adjust its operating levy, not to exceed the highest tax rate in effect subsequent to the 1980 tax year, to recover such loss. The manufacturers and merchandisers surtax will not be included in the lost revenue that is allowed to be recouped.

The reclassification of five or more dwelling units from commercial to residential shall apply to assessments made after December 31, 1994.

In certain counties, newly constructed residential property is placed on the property tax books on the first day of the month following occupancy, unless the property is occupied after September 1. In such case, the property is not assessed until the following year. This act removes the September 1 cut-off date and permits assessment throughout the year in such counties (SB 38).

Up to ten percent of all ad valorem property tax collections on newly constructed and occupied residential property to each taxing authority within St. Louis County shall be used for assessment costs. In all other first class counties the amount to be used for assessment costs is one-tenth of one percent. This provision must be adopted by the county council to become effective (SB 134).

Current law establishes a moratorium, until January 1, 1996, on equalization adjustments of assessments and tax levies based on county sales ratios and on penalties to school districts which are more than 5% underassessed. This act would extend the moratorium until January 1, 1998.

The laws dealing with alien ownership of land shall not apply to agricultural land in counties bordering Oklahoma if such land was owned by an alien prior to January 1, 1995.

Any school district which is required by the Constitution to reduce its operating levy below the minimum tax rate shall not be classified as unaccredited by the Department of Elementary and Secondary Education.