Section 1 permanently sets the state general levy for seasonal residential recreational property for taxes payable in 2013 and thereafter. For commercial-industrial property, the state general levy is reduced by 5 percent of the previous year’s amount until the levy is permanently removed in 2033. The inflation index is also removed. This section is effective for taxes payable in 2013 and thereafter.
Section 2 excludes the first $100,000 of commercial and industrial market value from the state general levy. This section is effective for taxes payable in 2013 and thereafter.
Section 3 removes the current apportionment of the state general levy effective for taxes payable in 2013 and thereafter.
Section 4 increases the homeowner maximum property tax refund for homeowners with household incomes greater than $37,280. This section is effective for refunds based on taxes payable in 2012 and thereafter.
Section 5 modifies the formula for the targeting property tax refund for taxes payable in 2012. Currently, the refund formula amount is 60 percent of the increase over the greater of: (1) 12 percent of the previous year’s tax; or (2) $100. This section increases the 60 percent factor to 90 percent and is effective for refunds based on taxes payable in 2012 only.
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