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| SPONSOR: | Ruiz | DATE TYPED: | 02/26/01 | HB | 718 | ||
| SHORT TITLE: | Senior Property Valuation Cap Eligibility | SB | |||||
| ANALYST: | Williams | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY01 | FY02 | |||
| No Fiscal Impact | State Government | |||
| Fiscal Impact Vary | Local Government | |||
(Parenthesis ( ) Indicate Revenue Decreases)
Conflicts with HB 623 which escalates the cap with inflation.
SOURCES OF INFORMATION
LFC Files
Taxation and Revenue Department (TRD)
SUMMARY
Synopsis of Bill
The bill would increase the cap on the escalation of property value for single-family dwelling occupied by owners 65 years and older. The current cap applies to these taxpayers with a modified gross income of up to $18,000, and the bill would move the income cap up to $40,000.
Significant Issues
The provisions would not become effective until the 2002 property tax year.
FISCAL IMPLICATIONS
The measure would have no significant fiscal impact on state or local governments. Property tax rates would shift accordingly, and the tax burden would shift away from the target group to other property tax payers. The attached TRD analysis illustrates potential impacts by county.
ADMINISTRATIVE IMPLICATIONS
No significant impacts on TRD.
AW/njw:ar