COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 2141-01
Bill No.: SB 582
Subject: Taxation and Revenue - Property: Counties
Type: Original
Date: March 20, 2001
FISCAL SUMMARY
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
ASSUMPTION
Officials of the State Tax Commission and the Department of Economic Development - Division of Finance indicated that the proposal would not affect their agencies.
Oversight assumes that each county government would evaluate whether prepayment programs would be cost-effective and only those county governments which judged the programs to be advantageous would adopt them. The fiscal note will show a net impact to counties as $0.
| FISCAL IMPACT - State Government | FY 2002
(10 Mo.) |
FY 2003 | FY 2004 |
| $0 | $0 | $0 |
| FISCAL IMPACT - Local Government | FY 2002
(10 Mo.) |
FY 2003 | FY 2004 |
| COUNTIES | |||
| Income - Earnings of Prepayments | Unknown | Unknown | Unknown |
| Cost - Prepayment Discounts | (Unknown) | (Unknown) | (Unknown) |
| ESTIMATED NET EFFECT ON COUNTIES | $0 | $0 | $0 |
FISCAL IMPACT - Small Business
Small businesses which were allowed to and elected to prepay real property taxes would be affected by this proposal.
DESCRIPTION
This proposal would allow county governing bodies to provide for advance payment of real property taxes at the option of taxpayers. Taxpayers who prepaid real property taxes would be granted discounts for timely prepayment of taxes.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space. The proposal would not affect Total State Revenue.
SOURCES OF INFORMATION
Department of Economic Development - Division of Finance
State Tax Commission
Jeanne Jarrett, CPA
Director
March 20, 2001