Relating to property tax exemption for seismic retrofitting costs; prescribing an effective date.
Catchline/Summary:
Authorizes city or county to adopt ordinance or resolution providing property tax exemption to commercial, industrial and multifamily buildings that have been seismically retrofitted, for period of up to 10 years, with additional period up to five years based on locally adopted criteria. Authorizes city or county to adopt ordinance or resolution providing property tax exemption to commercial, industrial and multifamily buildings that have been seismically retrofitted, for period of up to 10 years, with additional period up to five years based on locally adopted criteria. Caps dollar amount of exemption at specified eligible costs to seismically retrofit building.
Provides that ordinance or resolution becomes effective only if rates of taxation of taxing districts located within territory of local government whose governing boards agree to exemption or partial exemption, when combined with rate of local government adopting exemption or partial exemption, equal 75 percent or more of total combined rate of taxation within territory of local government. Provides that eligible costs equal discounted present value of estimated after-tax costs directly related to work necessary to seismically retrofit building. Authorizes county assessor to charge owner of building fee of up to $200 for first year and up to $100 for each subsequent year for which property exemption or partial exemption is granted.
Provides for clawback of property tax upon disqualification for failure to comply with eligibility requirements or make reasonable progress on seismic retrofitting or for misleading or false statements in application. Authorizes city or county to provide owner with opportunity to cure grounds for disqualification.
Sunsets authority to adopt ordinance or resolution on January 2, 2028.
Takes effect on 91st day following adjournment sine die.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued
Revenue Impact:
May Have Revenue Impact, But No Statement Yet Issued
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