SB 314 – Classifies short term rental merchandise as inventory and exempt from property taxes and specifies how to assess real property with certain restrictions

• Sponsor: Wallingford
• LR Number: 1645H.04C
• Committee: Ways and Means
• Last Action: 5/15/2015 - H Calendar S Bills for Third Reading w/HCS
• Title: HCS SS SB 314
• Effective Date: August 28, 2015
• House Handler: Korman

Current Bill Summary

HCS/SS/SB 314 - This act modifies provisions relating to property taxes.

PROPERTY TAXES ON RENTAL MERCHANDISE (137.018)

This act specifies that certain merchandise whether or not subject to a short term rental and which will ultimately be sold shall be considered inventory for property tax purposes and exempt from taxation. The act is limited to general rental centers and construction, mining, and forestry equipment rental.

This provision is similar to HB 879 (2015). This provision is similar to a provision contained in SCS/HCS/HB 613 (2015) and SS/HB 616 (2015).

ASSESSMENT OF REAL PROPERTY (137.076)

This act adds several types of current market conditions that a county assessor must consider when determining the value of real property. Such conditions include the existing use of the property, restrictions and covenants on use of the property, and rent limitation associated with low-income housing tax credits.

This provision is similar to a provision in SCS/HCS/HB 613 (2015), HCS/SB 148 (2015), and HCS/SS/SCS/SB 115 (2015).

MIKE HAMMANN