COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 2757-02
Bill No.: SB 960
Subject: Taxation and Revenue - Property; Auditor, State; Counties; Political Subdivisions; Education, Elementary and Secondary
Type: Original
Date: January 26, 2004
FISCAL SUMMARY
| FUND AFFECTED | FY 2005 | FY 2006 | FY 2007 |
| Total Estimated
Net Effect on General Revenue Fund |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2005 | FY 2006 | FY 2007 |
| Total Estimated
Net Effect on Other State Funds |
$0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
| FUND AFFECTED | FY 2005 | FY 2006 | FY 2007 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2005 | FY 2006 | FY 2007 |
| Local Government | $0 | $0 | $0 |
ASSUMPTION
Officials from the Department of Revenue, the State Tax Commission, the Office of the Secretary of State, the Office of the State Auditor, and the Joint Committee on Administrative Rules assume this proposal would have no impact on their organizations.
| FISCAL IMPACT - State Government | FY 2005
(10 Mo.) |
FY 2006 | FY 2007 |
| $0 | $0 | $0 |
| FISCAL IMPACT - Local Government | FY 2005
(10 Mo.) |
FY 2006 | FY 2007 |
| $0 | $0 | $0 |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
This proposal would make clarifications to the property assessment law. The inflationary growth factor for subclasses would be limited to the actual increase in assessments but no greater than the lesser of five percent or the change in the Consumer Price Index. Required property tax rate rollbacks would be allocated among the subclasses based on their relative assessed valuation. Tax rate worksheets used by the State Auditor's Office would be subject to review by the Joint Committee on Administrative Rules.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.
SOURCES OF INFORMATION
Department of Revenue
State Tax Commission
Office of the Secretary of State
Office of the State Auditor
Joint Committee on Administrative Rules
Mickey Wilson, CPA
Director
January 26, 2004