This Fiscal Note is not an official copy and should not be quoted or cited.
This Fiscal Note is not an official copy and should not be quoted or cited.
Fiscal Note - SJR 017 - Authorizes general assembly to provide for site valuation of land for property tax purposes
COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO. 0658-02
BILL NO. SJR 17
SUBJECT: Constitutional Amendment: Taxation and Revenue - Property
TYPE: #Updated
DATE: April 21, 1999
#To reflect advertisement costs estimated by Secretary of State
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS Net Effect on All State Funds
FUND AFFECTED
FY 2000
FY 2001
FY 2002 General Revenue
$0
#($79,800)
$0
Total Estimated
$0
#($79,800)
$0
|
ESTIMATED NET EFFECT ON FEDERAL FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
|
ESTIMATED NET EFFECT ON LOCAL FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses
This fiscal note contains 3 pages.
FISCAL ANALYSIS
ASSUMPTION
Officials of the State Tax Commission noted that the proposal would authorize certain actions by the General Assembly which would authorize certain actions by voters of certain political subdivisions which could affect the workload of the Commission and of county assessors and could affect property tax collections; however, estimates of effects can not be made until the enabling legislation for the proposal is available for analysis.
Advertisement costs for the proposal would be $3,990 per newspaper column inch for three publications of the text of the proposal, the introduction, title, fiscal note summary, and affidavit. The proposal would be on the ballot for the November 2000 general election.
| FISCAL IMPACT - State Government | FY 2000 | FY 2001 | FY 2002 |
| Cost to General Revenue Fund | |||
| Secretary of State | |||
| Newspaper Advertisements | #(79,800) | ||
| FISCAL IMPACT - Local Government | FY 2000 | FY 2001 | FY 2002 |
| $0 | $0 | $0 | |
| FISCAL IMPACT - Small Business | |||
| This proposal would not directly affect small businesses; however, the proposal would authorize actions which could affect property taxes of small businesses. | |||
DESCRIPTION
This proposal would allow the General Assembly to classify real property based on land, exclusive of buildings or structures on the land, and buildings and structures upon land in any county or taxing authorities located wholly within any county adopting site valuation property taxation. Mineral lands and mineral rights and buildings and structures used in processing mineral production would be exempt from new classification.
The classification would not become effective until adopted by the voters of a political subdivision and tax rates could be adjusted to produce the same amount of revenue, plus inflationary growth, generated a class or subclass of property in the tax year before the new DESCRIPTION (continued)
classifications would take effect.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space. The proposal would not directly affect Total State Revenue.
SOURCES OF INFORMATION
Secretary of State
State Tax Commission
Jeanne Jarrett, CPA
Director
April 21, 1999