The bill stipulates that failure to file such leases, agreements, or property description can lead to the termination of the tax exemption. More critically, if both the titleholder and any other party associated with the lease fail to comply, the titleholder will be held liable for any unpaid taxes. The bill's intent is to ensure that exemptions are strictly regulated and that the associated financial responsibilities are clear and enforced.
Summary
House Bill 2896, introduced by Rep. Lakesia Collins during the 103rd General Assembly, seeks to amend the Property Tax Code, specifically Section 15-15. This bill mandates that titleholders or owners of a beneficial interest in exempt property must file copies of leases or agreements with the chief county assessment officer. This requirement aims to facilitate the assessment officer's ability to evaluate the property size and location to maintain accurate tax records.
Contention
While the bill appears straightforward, it raises concerns among stakeholders about the potential for increased financial burden on property owners who might inadvertently fail to meet the filing requirements. Critics are particularly worried that the stringent enforcement of these provisions might lead to unjust consequences for those who lack the resources or knowledge to navigate the complexities of property tax filings.
A bill for an act relating to disclosures on property tax statements concerning school district funding reductions and individual taxpayer payments to the education savings account program.
A bill for an act relating to disclosures on property tax statements concerning school district funding reductions and individual taxpayer payments to the education savings account program.