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Senate approves temporary property-tax exemption for residential subdivision development; amendment narrows scope to residential projects
Summary
Senate Bill 337, which creates a temporary property-tax exemption for residential subdivision development projects and requires prepayment of taxes and a fee, passed second reading after an amendment limiting the exemption to residential subdivision projects passed 46–3 in committee and the bill passed on second reading 31–19.
Senate Bill 337, sponsored by Senator Hertz, passed second reading after committee amendment and debate over whether the measure would primarily benefit affordable housing or high-end developers. The bill creates a temporary property-tax exemption for lots that are part of a residential subdivision development project and requires developers seeking the exemption to apply to the Department of Revenue, pay a 5 percent fee to the county treasurer, and prepay five years of the existing property taxes on the subject property.
Sponsor’s intent and amendment: Hertz said the exemption aims to reduce carrying costs for developers so lots can be…
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