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Committee hears bill to allow temporary tax prepayment for subdivision development
Summary
Sen. Greg Hertz told the committee SB 337 would let developers apply for a temporary property tax exemption during subdivision development by prepaying five years of current taxes; proponents said it reduces carrying costs and encourages housing development; a fiscal note was requested.
Senator Greg Hertz introduced Senate Bill 337 to the Senate Local Government Committee as a tool intended to reduce carrying costs for developers during subdivision creation by offering a temporary exemption from increased property tax assessments in exchange for a prepayment.
Under the bill as introduced, a developer may apply for a temporary exemption for property undergoing subdivision development. The exemption requires a timely application and within 30 days of approval a tax prepayment equal to five years of the property’s existing tax liability; as lots become occupied the property’s tax will be adjusted to fair market value and the exemption ends when 95% of lots in the subdivision have habitable improvements.
Proponents said the…
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