Residential property-uniformity of assessment.

09LSO-0650.L1

FISCAL NOTE

This constitutional amendment creates a new property class for real and personal residential property as defined by the legislature.

This bill also gives the legislature the authority to determine the maximum amount of ad valorem tax that can be collected on residential property, and allows the legislature to prescribe restrictions upon the increase of the rate of taxation or assessment.

The potential fiscal impact on property tax revenues cannot be determined, as any impact would be contingent upon additional legislative action.

In addition, the Secretary of State's Office will experience an expenditure increase of about $36,000 in FY11 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