HB1150 amends the Property Tax Code to require annual filings for exempt property and mandates notification to taxing districts if they fail to file.
HB1150 modifies the Property Tax Code to ensure annual filings for exempt property. Owners of four or more exempt parcels within a county can file a single annual affidavit. The chief county assessment officer must notify taxing districts if they fail to file the required affidavit before the exemption is terminated. This bill affects property owners and taxing districts by establishing clear procedures for maintaining property tax exemptions.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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