Vote Smart's Synopsis:

Vote to pass a bill to create a new class of commercial residential property and to roll back the percentage by which this property is assessed so that it is equal to residential property by the year 2014.

Highlights:

- Creates a commercial property tax replacement fund under the control of the Department of Revenue for the fiscal period 2009-16, for which $18 million will be appropriated (sec.1). - Establishes that the percentage of actual value at which residential property is assessed cannot be lower than the percentage which was established in January of 2006 (sec.5). - Creates a class of commercial residential property, which includes apartment buildings, mobile home parks, manufactured home communities, and land-leased communities, which will be assessed at the same rate as residential property by the year 2014 (sec.6).

Full Bill Text