Fiscal Note
SB0178 - Senior Citizen Property Tax Safe Harbor
State Impact:
Enactment of this bill will not require additional appropriations.
| Funding Source | FY 2008 Approp. | FY 2009 Approp. | FY 2010 Approp. | FY 2008 Revenue | FY 2009 Revenue | FY 2010 Revenue |
| Total | $0 | $0 | $0 | $0 | $0 | $0 |
Individual, Business and/or Local Impact:
Enactment of this bill could lead to a shift in burden among property taxpayers. The shift will be dependent upon the number of taxpayers over 65 who apply for a deferral. For each 10 percent who defer taxes there is a potential shift of approximately $12.4 million. The shift will be also be dependent upon the number of taxpayers under a certain income limit who apply for an abatement and/or deferral. For each 10 percent of these individuals who apply for an abatement or deferral there is a potential shift of approximately $12.1 million. In addition, dependent upon the decisions of the county, businesses and non-qualifying individuals may experience an increase in property tax liability.
| 2/6/2008, 10:49:15 AM, Lead Analyst: Young, T. | Office of the Legislative Fiscal Analyst |