|SB 0516||4-Year Reassessment, 10% Sales Ratio Cushion For Prop. Tax|
|LR Number:||S2185.01I||Fiscal Note:||2185-01|
|Committee:||Ways and Means|
|Last Action:||01/09/96 - Hearing Conducted S Ways & Means Committee|
|Effective Date:||August 28, 1996|
SB 516 - This act requires county assessors to determine new assessed values on January 1, 1997 and every four years thereafter. Currently, new assessed values must be determined every odd numbered year.
After January 1, 1997, all school districts with property tax assessment ratios higher than 30% (currently 31 2/3%) shall have their ratios certified by the State Tax Commission at 33 1/3%. If, after the State Tax Commission ensures the accuracy of the county's equivalent sales ratio, the Commission finds the sales ratio to be less than or equal to 30% (currently 31 2/3%) the Commission shall reduce the county's reimbursement by 15% the following year.
This act is similar to SB 579, and SB 361 (1995).