Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Senate Bill 337 would allow five-year prepayment tax exemptions for residential subdivisions, sponsor says it could lower housing costs
Summary
Sen. Greg Hertz proposed SB 337 to let developers prepay five years of existing property taxes (plus a 5% fee) to receive a five-year exemption for residential subdivision lots; exemption ends for each lot when a habitable dwelling is available and the whole exemption ends at 95% buildout. Proponents said prepayment protects local revenue while easing developers' carrying costs; DOR raised state fiscal impacts for school equalization.
Sen. Greg Hertz told the House Taxation Committee that Senate Bill 337 would permit a developer to apply for a five-year exemption on newly subdivided residential lots after prepaying five years of existing property taxes plus a 5% fee; counties would certify the prepayment and DOR would administer exemptions. The exemption would end for each lot when a habitable dwelling is available for occupancy; the entire exemption terminates when 95% of lots in the development are built…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
