Property tax exemptions-order of
application.
25LSO-0709, 1.0
HB0279
FISCAL NOTE
The fiscal impact, in the form of changes in property tax revenues to the School
Foundation Program, school districts and local governments, is indeterminable.
This bill specifies that if multiple property tax exemptions apply to the same
property, the exemptions shall be applied in the manner determined by the
Department of Revenue in accordance with the following:
•
exemptions shall be applied in sequence so that subsequent exemptions are
applied to the assessed value as it is modified by the application of the
preceding exemption;
•
order of the smallest percentage to the largest percentage;
•
after any exemptions that are based on a percentage of property value.
Prepared by: Dean Temte, LSO Phone: 777-7881
(Information provided by Kenneth Guille, Department of Revenue, 777-5235)