|Date Requested:January 14, 2011
Time Requested:05:13 PM
| FUND(S) |
General Revenue Fund, local governments
Sources of Revenue
|General Fund,Other Fund local property tax|
Legislation creates:Neither Program nor Fund
Effect this measure will have on costs and revenues of state government.
| The stated purpose of this bill is to provide for the method of appraising certain affordable multifamily rental property for property tax assessment purposes
The loss of revenue to the State and local governments cannot be determined.
There would be a one-time cost of $40,000 to the State Tax Department. There would be no other additional administrative costs to the State Tax Department or local governments.
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||0||40,000||0|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||0||0||0|
3. Explanation of above estimates (including long-range effect):
The State Tax Department does not have sufficient data to estimate the revenue loss to the State and local governments due to passage of this bill.
There would be a one-time cost of $40,000 to the State Tax Department. The additional administrative costs are related to training that would be required for assessors to comply with this legislation. There would be no other additional administrative costs to the State Tax Department or local governments.