Residential property-uniformity of assessment.

06LSO-0192.L1

FISCAL NOTE

This bill proposes a constitutional amendment to create an additional property class for the assessment of ad valorem taxes on residential property. This proposal would also authorize the legislature to prescribe parameters and create subclasses for the assessment of residential property.

The fiscal impact, in the form of potential revenue increases or decreases in residential property taxes resulting from future legislative action, is indeterminable. The fiscal impact cannot be estimated until specific legislation to change the assessment of residential property is proposed.

In addition, the Secretary of State's Office will experience an expenditure increase of about $18,000 in FY07 for statutory publication costs, based on historical data.  This cost is the same for all joint resolutions of this type, assuming the length of the statement on the proposed amendment is roughly the same.  Information provided by Pat Arp, Secretary of State's Office, phone:  777-5333.

(This cost may be considered an administrative cost but is listed here for consistency.)

Prepared by:   Dean Temte, LSO    Phone:   777-7881