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Bill

LC 173

Revise property tax rates for certain property

2025 Regular Session

LC 173 aims to revise property tax rates for a targeted property class, impacting owners’ tax bills and requiring local assessors and jurisdictions to adjust assessments.

(LC) Draft Delivered to Requester
#revenue #local #state #rulemaking #taxation(generally) #taxation--property
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Bill Summary · LC 173

Comprehensive Summary — LC 173: Revise property tax rates for certain property

Basic bill information

  • Bill number: LC 173
  • Title: Revise property tax rates for certain property
  • Status: LC Draft Delivered to Requester (Draft stage)
  • Introduced: September 6, 2024
  • Classification/Subject: Bill; REVENUE, Local, State, Rule Making, Taxation (Generally), Taxation—Property
  • Versioned actions ( Legislative Actions ):
    • 2025-01-15: (LC) Draft Delivered to Requester
    • 2025-01-14: (LC) Draft Ready for Delivery
    • 2025-01-09: (LC) Draft in Final Drafter Review
    • 2025-01-09: (LC) Draft in Assembly
    • 2025-01-08: (LC) Draft in Input/Proofing
    • 2025-01-06: (LC) Draft in Edit
    • 2025-01-03: (LC) Draft in Legal Review
    • 2024-09-06: (LC) Drafter Assigned

Note: The full text of the bill and its specific provisions are not provided in the information available here. The timeline above reflects the drafting and review process stages the bill has undergone.

Purpose and intent (based on title)

  • The bill is positioned to “revise property tax rates for certain property.” While the exact criteria and scope are not stated in the provided materials, the title indicates the bill would change how property tax rates are determined or applied for a subset of property.

  • As a revenue and taxation measure, the bill could potentially affect:

    • Property tax liability for specified property classes or categories
    • Assessment methodologies, rate multipliers, or millage schedules
    • How certain properties are classified for taxation purposes

Potential key provisions (illustrative, not taken from the text)

Because the bill text is not provided, the following are common areas such a bill might address. These are not definitive components of LC 173 but illustrate the kinds of changes typically considered in property tax rate revisions:
- Defining (or redefining) property categories or classifications subject to revised rates
- Adjusting tax rates, millage rates, or assessment ratios for the targeted property
- Establishing effective dates and transition rules for the new rates
- Providing exemptions, credits, or deferrals that interact with the revised rates
- Clarifying administrative processes for local assessors or tax collectors
- Requiring periodic reviews or sunset provisions
- Outlining reporting and compliance requirements for affected taxpayers and local governments

Who would be affected

  • Property owners in the targeted property class or category identified by the bill (as defined in the forthcoming text)
  • Local governments and tax jurisdictions that administer property tax collections, assess property, and budget using the revised rates
  • Tax assessors and revenue departments responsible for implementing rate changes and maintaining compliance with state/local tax laws

Procedural and timeline aspects

  • Drafting and review process: The bill has progressed through multiple drafting stages (legal review, input/proofing, edit, final drafter review) and has been prepared for assembly consideration.
  • Current status: As a “Draft Delivered to Requester,” the text is likely in circulation among legislators and staff for further refinement before formal introduction or committee hearings.
  • Next steps (typical): If introduced, the bill would likely undergo committee hearings, potential amendments, floor votes, and, if passed, reconciliation between legislative chambers and the governor or executive authority depending on jurisdiction.

How to track the bill and obtain the full text

  • To understand the precise provisions, impacts, and fiscal implications, monitor:
    • The official legislative website for LC 173 (search by bill number and title)
    • The latest draft and amended versions released by the Legislative Counsel or bill author
    • Any fiscal notes, committee analyses, or impact statements associated with the bill
    • Hearing schedules and vote records if/when the bill advances

Takeaway

LC 173 signals an intent to modify how property tax rates apply to certain property. The exact categories, rate changes, and implementation details remain to be seen in the forthcoming bill text. Readers should follow official updates for the precise language, fiscal impact, and timeframe as the drafting process culminates.

Compiled from official sources — confirm details with the bill’s official record.

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