Vote Smart's Synopsis:

Vote to pass a bill that establishes a property tax exemption for certain commercial and industrial properties, effective January 1, 2013.

Highlights:

• Establishes a property tax exemption for property classified as commercial or industrial property that is not located in an urban renewal area (Sec. 11).

• Specifies that the tax exemption for commercial and industrial property will be calculated as follows (Sec. 11):
• 15 percent of either $400,000 or the actual value of the property, whichever is less, beginning on January 1, 2013;
• 10 percent of either $400,000 or the actual value of the property, whichever is less, beginning on January 1, 2018; and
• 5 percent of either $400,000 or the actual value of the property, whichever is less, beginning on January 1, 2019.

• Specifies that the percentage of the actual value of the property that is to be evaluated for tax purposes shall be calculated as follows (Sec. 13):
• 95 percent for the assessment year beginning January 1, 2013;
• 90 percent for the assessment year beginning January 1, 2014;
• 85 percent for the assessment year beginning January 1, 2015;
• 80 percent for the assessment year beginning January 1, 2016;
• 75 percent for the assessment year beginning January 1, 2017;
• 70 percent for the assessment year beginning January 1, 2018;
• 65 percent for the assessment year beginning January 1, 2019; and
• 60 percent for the assessment year beginning January 1, 2020.

• Prohibits the percentage of the actual value of agricultural and residential property that is to be evaluated for tax purposes from exceeding the percentage of the actual value of commercial and industrial property in the same assessment year (Sec. 12).

Full Bill Text