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| SPONSOR: | Miera | DATE TYPED: | 03/04/01 | HB | 626/aHAFC | ||
| SHORT TITLE: | County Property Valuation Fund | SB | |||||
| ANALYST: | Williams/Eaton | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY01 | FY02 | |||
|
NFI |
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(Parenthesis ( ) Indicate Revenue Decreases)
SOURCES OF INFORMATION
Taxation and Revenue Department (TRD)
SUMMARY
Synopsis of HAFC Amendments
The HAFC amendments reflect that all counties would deduct an administrative charge of one percent of the revenue received.
Synopsis of Original Bill
This bill would require expenditures from a county property valuation fund be made pursuant to an approved property valuation program. Revenues at issue are defined and include most of the property tax revenues, except the property taxes associated with crude oil, natural gas and copper. The county treasurer is authorized to impose an administrative charge to be paid by property tax revenue recipients. In Class A counties, the charge would be 0.75 percent of the revenue received and would be capped at 40 percent of the budget of the county assessor in the current fiscal year. In other counties, the charge would be 1 percent of the revenue received and would be capped at 40 percent of the budget of the county assessor in the current fiscal year. The revenues from this assessment would be dedicated to the county property valuation fund. The effective date of the bill is July 1, 2001.
FISCAL IMPLICATIONS
The Taxation and Revenue Department (TRD) report that this bill does not have any significant impacts on state or local revenues.
OTHER SUBSTANTIVE ISSUES
The Taxation and Revenue Department (TRD) report that county commissions sometimes view the valuation fund as supplements to their general fund income and use valuation fund revenues for purposes other than assessment. This bill would make it clear that revenues in valuation funds should be devoted strictly to finance assessment programs.
JE/AW/njw