Bill No.: HB0092 Drafter: MQ
LSO No.: 08LSO-0339 Effective Date:
Enrolled Act No.:
Chapter No.:
Prime Sponsor: Joint Revenue Interim Committee
Catch Title: Property tax refund program.
Subject: Recreates the property tax refund program.
Summary/Major Elements:
· Former property tax refund program was repealed effective January 1, 2008.
· This Bill re-creates the old program.
· Requires an applicant to have been a resident for 5 years, have a limited income which does not exceed 2/3 of the median gross household income for that county or the state, and have total household assets of less than $50,000 per adult member (with some exceptions which do not count toward the $50,000).
· The amount of the refund will not exceed ½ of the applicant's prior year's property tax.
· Any amount received is reduced by the dollar amount received for the veterans tax exemption, any home owner's tax credit, or any property tax deferral.
· Appropriates funds for the reimbursement of counties.
Comments:
· Act is repealed effective January 1, 2015.