SJR 017 Authorizes general assembly to provide for site valuation of land for property tax purposes
LR Number:S0658.02P Fiscal Note:0658-02
Committee:Ways and Means
Last Action:04/26/99 - Defeated on S Third Reading Journal page:S881
Effective Date:Contingent
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Current Bill Summary

SJR 17 - This proposed constitutional amendment if approved, by the voters, authorizes the General Assembly to provide by general law for the valuation of land, for property tax purposes, separately from any buildings or structures on the land. The site valuation method shall not become effective for any county or taxing authority located wholly within that county unless it has been adopted by a majority of voters of that county. Local tax rates as limited by Article X, Section 11(b) or other constitutional provisions may be exceeded if necessary to generate the same amount of revenue as generated in the previous year. The amendment prohibits any increase in tax revenues from taxes on personal property to replace revenues lost as a result of the site valuation method.