Property taxation-intangibles for 2006.

06LSO-0169.C1

FISCAL NOTE

The fiscal impact is indeterminable.

This legislation is a renewal of a one-year statute in effect for tax year 2005 (Chapter 10, 2005 session laws). During 2005, exemption of intangible personal property equaled $36.7 million of assessed value. This translated into an impact of approximately $441,000 to the School Foundation Program (using 12.00 mills).

Impact to the assessed value for the 2006 tax year is indeterminable because the Department of Revenue cannot estimate what additional exemption claims for intangible personal property may be made for tax year 2006.  However, the Department of Revenue anticipates that the exemption claims of this type could be equal to or greater than the exemption claims submitted for the 2005 tax year.

Prepared by:   Wade Hall, Dept. of Revenue Phone:   777-5235