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House passes HB329 to extend study of 'intangible' property valuation, amendment to lock 20% reduction fails
Summary
HB329, a yearly measure extending a study of intangibles and preserving a 20% intangible reduction on locally assessed property, passed the House after an amendment to permanently lock the 20% reduction (deleting study language) failed on the floor.
The House approved House Bill 329, which extends the ongoing study of property tax ‘intangibles’ and maintains a 20% intangible valuation reduction for locally assessed property while giving the tax commission more time to refine the definition and percentage.
Sponsor Representative Franklin W. Knowlton explained that the 20% reduction on intangibles has been a recurring…
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