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Committee hears bill offering temporary tax prepayment to ease subdivision carrying costs
Summary
SB 337 would let developers apply for a temporary property‑tax exemption during subdivision development if they prepay five years of current taxes; sponsors said the measure lowers carrying costs and protects local revenue while opponents did not appear. Committee sought fiscal note.
Senate Bill 337, presented to the Senate Local Government Committee, would create a temporary property‑tax exemption for land undergoing subdivision development if the developer submits a timely application and a five‑year prepayment of the existing tax liability.
Sponsor Senator Greg Hertz said the provision would help developers by reducing carrying costs while ensuring local governments receive revenue via the prepayment, which would be split among taxing jurisdictions. Under the draft, the…
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