Bill No.: HB0044                  Drafter:  MQ

LSO No.:  10LSO-0041              Effective Date:  1/1/2011

Enrolled Act No.:  HEA0057

Chapter No.:

Prime Sponsor:     Representative Illoway

Catch Title:       Taxation of property used for economic development.

Subject:  Provides a property tax exemption for community development organizations.

Summary/Major Elements:

· Provides a property tax exemption for property owned by a community development organization.

· The amount of the exemption is required to be reported to the county assessor by the organization each year.

· The exemption includes any improvements and land amenities which contribute to the value of the land.

· The real property subject to the exemption must be open to everyone and not just members of the organization.

Comments:

· Contains delayed effective date – January 1, 2011.