FIFTY-FIRST LEGISLATURE

FIRST SESSION, 2013

March 2, 2013

Mr. Speaker:

    Your TAXATION AND REVENUE COMMITTEE, to whom has been referred

HOUSE BILL 521, as amended

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

     1. On pages 1 and 2, strike Subsection A in its entirety and insert in lieu thereof the following new subsection:

          "A. Residential property shall be valued at its current and correct value in accordance with the provisions of the Property Tax Code; provided that, for:

                (1) the 2014 tax year, the value of a property shall not exceed whichever value is the highest of the following:

                     (a) one hundred five percent of the value in the tax year prior to the tax year in which the property is being valued;

                     (b) one hundred ten and twenty-five hundredths percent of the value in the tax year two years prior to the tax year in which the property is being valued; or

                     (c) seventy percent of the current and correct value of the property determined for property taxation purposes; and

                (2) the 2015 and subsequent tax years, the value of a property in any tax year shall not exceed whichever value is the highest of the following:

                     (a) one hundred five percent of the value in the tax year prior to the tax year in which the property is being valued; 

                     (b) one hundred ten and twenty-five hundredths percent of the value in the tax year two years prior to the tax year in which the property is being valued; or

                     (c) eighty-five percent of the current and correct value of the property determined for property taxation purposes.".

The roll call vote on Amendment #1 was 7 For 5 Against

Yes: 7

Against: Crook, Easley, Harper, Trujillo, J., Sandoval

Excused: Dodge, Lewis, Steinborn