|SB 0361||Changes property tax assessment ratios|
|Last Action:||03/01/95 - SCS Voted Do Pass S Agriculture & Local Government Committee|
|Effective Date:||August 28, 1995|
SCS/SB 361 - The certified value of the sales ratio is used to determine equalized school district assessed valuations and operating levies for determination of state school aid. Current law provides that until January 1, 1996, any sales ratio higher than 31 2/3% shall be certified at 33 1/3%, causing no equalization adjustment to the assessed valuation or operating levy.
This act provides that after January 1, 1996, county assessment sales ratios shall be certified as follows:
A ratio which is: Is certified at: Less than 30% actual value At least 30% but no more than 32 2/3% 32 2/3% More than 32 2/3% but less than 34% 33 1/3% At least 34% but no more than 36 2/3% 34% More than 36 2/3% actual value
A penalty will be imposed if the sales ratio is less than
30% or more than 36 2/3% and the ratio is not corrected by
subsequent action of the State Tax Commission. The penalty shall
be a 25% reduction in the county's reimbursement if the county's
immediately preceding ratio computation was less than 30% or more
than 36 2/3%. If the immediately preceding ratio computation was
between 30% and 36 2/3% (inclusive), then the reduction in the
county's reimbursement shall be 15%.