SB 0219 Modifies property assessment procedures
LR Number:S0934.04T Fiscal Note:0934-04
Committee:Ways and Means
Last Action:07/13/99 - Signed by Governor Journal page:
Title:CCS HCS SB 219
Effective Date:August 28, 1999
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Current Bill Summary

CCS/HCS/SB 219 - This act gives the State Tax Commission the exclusive power of original assessment of the distributable property of freight line companies and requires the Director of Revenue to collect the taxes on such property. This act also creates the County Private Car Tax Trust Fund and requires apportionment of the revenues to each county in proportion to the mainline track mileage located in that county. Prior to the distribution of the trust fund moneys to the counties, six-tenths of one percent is required to be transferred to the blind pension fund. Each county is required to apportion seventy percent of the revenue to the local school districts and the remaining portion to county general revenue.

County assessors are required to list, assess and impose tax on any taxable personal property which was omitted in the current year or in the immediately preceding year.

The act changes the requirements for contributions and reimbursements of county property assessment funds. The annual state reimbursement to any county is increased from the current $5.50 to an amount not to exceed $7 per parcel in 2000.

The tax exemption for property used exclusively for agricultural or horticultural societies is clarified to include property of not-for-profit agribusiness associations.

A taxpayer shall be awarded appeal costs and attorney fees if an assessor classifies real property under an illegal or improper classification.

The act also authorizes the State Tax Commission to refer property valuation appeals to mediation, with the consent of all parties.