Residential property-uniformity of assessment.

08LSO-0196.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 allow the legislature to determine the maximum amount of ad valorem tax that can be collected on residential property and prescribe restrictions on the increase of the rate of taxation or assessment.

 

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 $30,000 in FY09 for statutory publication costs, based on current estimates.  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