COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
LR No.: 0413-01
Bill No.: Truly Agreed To and Finally Passed SB 120
Subject: Counties: Property Tax
Type: Original
Date: May 19, 2003
FISCAL SUMMARY
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on General Revenue Fund |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on Other State Funds |
$0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 4 pages.
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Local Government | $0 | $0 | $0 |
ASSUMPTION
Officials of the State Tax Commission assume Cass County's assessment fund would realize an increase in revenue. Officials assume this proposal changes the collection costs percentage from one-tenth of one percent to one-fifth of one percent.
Cass County officials did not respond.
Oversight assumes there would be a decrease in property tax income from local taxing authorities, and there would be a corresponding increase of revenue to the County's Assessment Fund.
| FISCAL IMPACT - State Government | FY 2004
(10 Mo.) |
FY 2005 | FY 2006 |
| $0 | $0 | $0 |
| FISCAL IMPACT - Local Government | FY 2004
(10 Mo.) |
FY 2005 | FY 2006 |
| Income to Assessment Fund | |||
| from increase in collection cost fee. | Unknown | Unknown | Unknown |
| Total Effect to County Assessment Fund | Unknown | Unknown | Unknown |
| Loss of Income to Taxing Authorities | |||
| from increase in withholding for collection costs | (Unknown) | (Unknown) | (Unknown) |
| Total Effect to Local Taxing Authorities | (Unknown) | (Unknown) | (Unknown) |
| Estimated Net Effect to Local Government * | $0 | $0 | $0 |
* Income to the County's Assessment Fund would be the same as loss of income to local taxing authorities.
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
This act enables Cass County to adopt provisions of current law whereby it will be able to
deposit an amount not greater than one-fifth of one percent of all ad valorem property tax
collections on newly constructed property into the assessment fund of the county for collection
costs.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.
SOURCES OF INFORMATION
Missouri State Tax Commission
NOT RESPONDING:
Cass County Officials
Mickey Wilson, CPA
Director
May 19, 2003