Honorable Fred Hill, Chair, House Committee on Local Government Ways & Means
John S. O'Brien, Director, Legislative Budget Board
HB2087 by Hill (Relating to a restriction on the frequency with which a county, municipality, or junior college district may hold a petition-initiated election on whether to establish a limitation on increases in the amount of ad valorem taxes imposed by the county, municipality, or junior college district on residence homesteads of the elderly or disabled), Committee Report 1st House, Substituted
A county, municipality, or junior college district that does not already have a limitation on ad valorem taxes imposed on residence homesteads of the elderly and disabled, that has held two or more elections on the issue within the past three years, that may receive a petition for an election in 2008, and that would choose not to initiate a tax freeze by official action, would experience a savings in special election costs by not conducting a special election. In addition, the governmental entity would continue to receive the same level of revenue through ad valorem taxes and any subsequent increases based on property values, that would be limited and would no longer increase with increased appraisals if a vote would otherwise have placed a limit on residence homesteads of the elderly and disabled.
The fiscal impact would vary by applicable governmental entity depending on the number of residence homesteads that would be affected.
JOB, CT, DB