Veteran's property tax exemption. |
06LSO-0366.L4 |
FISCAL NOTE
Source of revenue decrease: Increase in the veterans property tax exemption, beginning with the 2007 assessment year.
Source of expenditure increase: Increased General Fund expenditure necessary to offset property tax revenue decrease from the exemption.
Assumptions:
The funding to reimburse counties for the veterans property tax exemption is found in the State Treasurer's Office budget. The governor's recommended budget for the 2007-08 biennium is $2,185,000 from the General Fund ($1,092,500 per fiscal year).
Please see the attached spreadsheet for the calculation of the estimated increase in the veterans property tax exemption.
This bill is effective January 1, 2007 (2007 assessment year).
Prepared by: Wade Hall, Dept. of Revenue Phone: 777-5235
NOTICE-AGENCY ESTIMATE OF ADMINISTRATIVE IMPACT REQUESTED
This bill has administrative impact that appears to increase (or decrease) duties or responsibilities of one or more state agencies and may impact agency spending or staffing requirements. As introduced, the bill does not modify any state agency budget or current personnel authorizations. The following state agencies will be asked to provide their estimate of the administrative fiscal impact prior to the first committee meeting held to consider the bill:
Department of Revenue |