IN SB0145 | 2022 | Regular Session
Status
Completed Legislative Action
Spectrum: Slight Partisan Bill (Republican 9-4)
Status: Passed on March 10 2022 - 100% progression
Action: 2022-03-10 - Public Law 54
Text: Latest bill text (Enrolled) [PDF]
Spectrum: Slight Partisan Bill (Republican 9-4)
Status: Passed on March 10 2022 - 100% progression
Action: 2022-03-10 - Public Law 54
Text: Latest bill text (Enrolled) [PDF]
Summary
Property tax matters. Provides that the true tax value of commercial real property commercial property with a structure, or a portion thereof, that: (1) is at least 100,000 square feet in area; (2) is used for retail purposes; and (3) is occupied by a single retailer; shall be determined by application of the cost approach. Provides that the application of the cost approach requirement is not applicable if the property was: (1) vacated by the original occupant for which the property was constructed; (2) constructed more than five years prior to the assessment date; or (3) substantially and adversely impacted by a change in a roadway or traffic pattern. Provides that estimates of depreciation and obsolescence shall not be based on data derived from the sales comparison or income capitalization approaches. Requires the department of local government finance (department) to establish a standard construction cost per square foot for the purpose of applying the cost approach. Requires the department to update the standard construction cost per square foot annually. Provides that when requesting a review, a taxpayer may present an appraisal based on the cost approach as evidence that the actual construction cost was lower than the department's determined standard construction cost per square foot that was used to assess the property. Provides that the parties to any appeal may enter into a written agreement to stipulate to the true tax value of the property. Provides that the fiscal officer of the county may establish a separate account for the tax receipts that are attributable to the property tax assessment that is the subject of review.
Title
Property tax matters.
Sponsors
Roll Calls
2022-03-02 - Senate - Senate - Senate concurred in House amendments (Y: 47 N: 0 NV: 3 Abs: 0) [PASS]
2022-02-22 - House - House - Third reading (Y: 92 N: 0 NV: 3 Abs: 5) [PASS]
2022-02-16 - House - House - Committee Vote (Y: 23 N: 0 NV: 0 Abs: 1) [PASS]
2022-01-31 - Senate - Senate - Third reading (Y: 49 N: 0 NV: 0 Abs: 0) [PASS]
2022-01-25 - Senate - Senate - Committee Vote (Y: 12 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-22 - House - House - Third reading (Y: 92 N: 0 NV: 3 Abs: 5) [PASS]
2022-02-16 - House - House - Committee Vote (Y: 23 N: 0 NV: 0 Abs: 1) [PASS]
2022-01-31 - Senate - Senate - Third reading (Y: 49 N: 0 NV: 0 Abs: 0) [PASS]
2022-01-25 - Senate - Senate - Committee Vote (Y: 12 N: 0 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2022-03-10 | Senate | Public Law 54 |
| 2022-03-10 | Senate | Signed by the Governor |
| 2022-03-09 | Senate | Signed by the President of the Senate |
| 2022-03-08 | House | Signed by the Speaker |
| 2022-03-07 | Senate | Signed by the President Pro Tempore |
| 2022-03-02 | Senate | Senate concurred in House amendments; Roll Call 318: yeas 47, nays 0 |
| 2022-02-23 | Senate | Motion to concur filed |
| 2022-02-23 | House | Returned to the Senate with amendments |
| 2022-02-22 | House | Third reading: passed; Roll Call 233: yeas 92, nays 0 |
| 2022-02-21 | House | Second reading: ordered engrossed |
| 2022-02-17 | House | Committee report: amend do pass, adopted |
| 2022-02-07 | House | First reading: referred to Committee on Ways and Means |
| 2022-02-01 | Senate | Referred to the House |
| 2022-02-01 | Senate | Senators Ford J.D. and Melton added as coauthors |
| 2022-01-31 | Senate | Cosponsors: Representatives Schaibley and Thompson |
| 2022-01-31 | Senate | House sponsor: Representative Brown T |
| 2022-01-31 | Senate | Third reading: passed; Roll Call 107: yeas 49, nays 0 |
| 2022-01-31 | Senate | Senator Raatz added as coauthor |
| 2022-01-31 | Senate | Senators Qaddoura and Niemeyer added as coauthors |
| 2022-01-27 | Senate | Second reading: ordered engrossed |
| 2022-01-25 | Senate | Senator Randolph added as coauthor |
| 2022-01-25 | Senate | Committee report: amend do pass, adopted |
| 2022-01-04 | Senate | First reading: referred to Committee on Tax and Fiscal Policy |
| 2022-01-04 | Senate | Coauthored by Senators Boots and Baldwin |
| 2022-01-04 | Senate | Authored by Senators Buchanan and Rogers |
