HB 1818 – Classifies time-share units as residential property for property tax purposes when the units are not rented and requires county assessors to consider certain factors when assessing real estate

• Sponsor: Kehoe
• LR Number: 5904L.02T
• Committee: Ways and Means and Fiscal Oversight
• Last Action: 7/5/2012 - Signed by Governor
• Title: HCS HB 1818
• Effective Date: August 28, 2012
• House Handler: Schad

Current Bill Summary

HCS/HB 1818 - This act modifies the definition of residential property for property tax purposes to include time-share units, unless they are rented. Where time-share units are rented, the county assessor is required to consider only the percentage of use subject to sales tax as commercial property.

This provision is identical to a provision of SS/SCS/HB 1170 (2012), similar to a provision of HCS/SB 591 (2012) and a provision of SCS/HCS/HB 1623 (2012).

This act also requires county assessors to consider foreclosures and bank sales when establishing the value of parcels of real property for property tax purposes.

This provision is identical to a provision of SS/SCS/HB 1170 (2012), SCS/SB 510 (2012), and similar to SB 52 (2011) and provisions contained within SB 671 (2010).

EMILY KALMER