COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
LR No.: 3214-01
Bill No.: SB 875
Subject: Taxation: County Assessment Fund
Type: Original
Date: January 20, 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 |
| Blind Pension Trust | (Unknown) | (Unknown) | (Unknown) |
| Total Estimated
Net Effect on All State Funds |
(Unknown) | (Unknown) | (Unknown) |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 4 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 of the State Tax Commission assume this proposal transfers funds from one political subdivision to another. Officials assume no impact to the Commission.
Officials of the Department of Elementary and Secondary Education assume there would be a loss of revenue, in an unknown amount, to local school districts across the state.
Oversight assumes there would be a loss of revenue to the State's Blind Pension Trust Fund in an unknown amount.
| FISCAL IMPACT - State Government | FY 2005
(10 Mo.) |
FY 2006 | FY 2007 |
| BLIND PENSION TRUST FUND | |||
| Loss of Revenue - Blind Pension Trust Fund | |||
| from increase in withholding for County's Assessment Fund | Unknown | Unknown | Unknown |
| ESTIMATED NET EFFECT TO BLIND PENSION TRUST FUND | (Unknown) | (Unknown) | (Unknown) |
| FISCAL IMPACT - Local Government | FY 2005
(10 Mo.) |
FY 2006 | FY 2007 |
| POLITICAL SUBDIVISIONS | |||
| Income - to County's Assessment Fund | |||
| from increase in withholding from taxing authorities. | Unknown | Unknown | Unknown |
| Loss of Revenue - to Taxing Authorities | |||
| from additional withholding for County's Assessment Fund | (Unknown) | (Unknown) | (Unknown) |
| ESTIMATED NET EFFECT TO LOCAL GOVERNMENT | $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 act modifies the percentage of property tax collections that are deposited in the county assessment fund. It increases the percentage from one-half of one percent to one percent in first class counties and St. Louis City. For second, third, and fourth class counties the percentage becomes two percent, up from one half of one percent in second class counties and one percent in third and fourth class counties.
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
State Tax Commission
Department of Elementary and Secondary Education
NOT RESPONDING
The County Commissions/Collectors of : Boone, Callaway, Cole, Clay, Greene, Johnson, Jefferson, Platte, St. Charles, St. Louis, and Jackson Counties.
Mickey Wilson, CPA
Director
January 20, 2004