Brian Buchanan
- Republican
- Senator
- District 7
Author
Provides that the true tax value of commercial real property commercial property with a structure, or a portion thereof, that: (1) is at least 100,000 square feet in area; (2) is used for retail purposes; and (3) is occupied by a single retailer; shall be determined by application of the cost approach. Provides that the application of the cost approach requirement is not applicable if the property was: (1) vacated by the original occupant for which the property was constructed; (2) constructed more than five years prior to the assessment date; or (3) substantially and adversely impacted by a change in a roadway or traffic pattern. Provides that estimates of depreciation and obsolescence shall not be based on data derived from the sales comparison or income capitalization approaches. Requires the department of local government finance (department) to establish a standard construction cost per square foot for the purpose of applying the cost approach. Requires the department to update the standard construction cost per square foot annually. Provides that when requesting a review, a taxpayer may present an appraisal based on the cost approach as evidence that the actual construction cost was lower than the department's determined standard construction cost per square foot that was used to assess the property. Provides that the parties to any appeal may enter into a written agreement to stipulate to the true tax value of the property. Provides that the fiscal officer of the county may establish a separate account for the tax receipts that are attributable to the property tax assessment that is the subject of review.
Public Law 54
Signed by the Governor
Signed by the President of the Senate
Signed by the Speaker
Signed by the President Pro Tempore
Senate concurred in House amendments; Roll Call 318: yeas 47, nays 0
Motion to concur filed
Returned to the Senate with amendments
Third reading: passed; Roll Call 233: yeas 92, nays 0
Second reading: ordered engrossed
Committee report: amend do pass, adopted
First reading: referred to Committee on Ways and Means
Referred to the House
Senators Ford J.D. and Melton added as coauthors
Cosponsors: Representatives Schaibley and Thompson
House sponsor: Representative Brown T
Third reading: passed; Roll Call 107: yeas 49, nays 0
Senator Raatz added as coauthor
Senators Qaddoura and Niemeyer added as coauthors
Second reading: ordered engrossed
Senator Randolph added as coauthor
Committee report: amend do pass, adopted
Authored by Senators Buchanan and Rogers
First reading: referred to Committee on Tax and Fiscal Policy
Coauthored by Senators Boots and Baldwin
| Bill Text Versions | Format |
|---|---|
| Introduced Senate Bill (S) | |
| Senate Bill (S) | |
| Senate Bill (S) | |
| Senate Bill (H) | |
| Enrolled Senate Bill (S) |
| Document | Format |
|---|---|
| Fiscal Note: SB0145.05.ENRH.FN001 |
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