assessor on or before May first of the year for which the discount is initially claimed. In the following six years of eligibility no annual application is required. The value of each platted building lot is calculated: (1) by dividing the total number of platted building lots into the value of the entire parcel as undeveloped real property; and (2) as provided in Section 1243224 and the difference between the two calculations determined. The value of a lot as determined under Section 1243224 is reduced as follows: For lots in plats recorded in 2001, the value is reduced by thirty percent of the difference. For lots in plats recorded in 2002, the value is reduced by sixty percent. For lots in plats recorded after 2002, the value is reduced by one hundred percent of the difference. (C) If a lot located in a subdivision with five or more platted lots allowed the discount provided by this section is sold to the holder of a residential or general homebuilder’s license the licensee shall receive the discount contractor’s license, continues through the first tax year which ends twelve months from the date of sale if the purchaser files a written application for the discount with the county assessor by May first of the year for which the applicant is initially claiming the discount. (D) Notwithstanding subsections (B) and (C), beginning January 1, 2011, if the owner or purchaser makes written application to the county assessor after May first but before June first of the year for which the discount is claimed, the owner or purchaser shall still receive the discounted value, but the reduction in value shall only be reduced by ninety percent of the difference in the year the late application occurs. (E) Notwithstanding the time limitations provided in subsections (A) and (C), any qualified residential subdivision property that becomes eligible for the discount allowed by this section after December 31, 2005, and before January 1, 2014, and remains a qualified property, shall receive the discounted value until January 1, 2014, and the time limitations are tolled and time shall not begin to accrue until January 1, 2014.” SECTION 3. This act takes effect upon approval by the Governor and applies to property tax years beginning after 2010. /
assessor on or before May first of the year for which the discount is initially claimed. In the following six years of eligibility no annual application is required. The value of each platted building lot is calculated: (1) by dividing the total number of platted building lots into the value of the entire parcel as undeveloped real property; and (2) as provided in Section 1243224 and the difference between the two calculations determined. The value of a lot as determined under Section 1243224 is reduced as follows: For lots in plats recorded in 2001, the value is reduced by thirty percent of the difference. For lots in plats recorded in 2002, the value is reduced by sixty percent. For lots in plats recorded after 2002, the value is reduced by one hundred percent of the difference. (C) If a lot located in a subdivision with five or more platted lots allowed the discount provided by this section is sold to the holder of a residential homebuilder’s license or general contractor’s license, the licensee shall receive the discount continues through the first tax year which ends twelve months from the date of sale if the purchaser files a written application for the discount with the county assessor by May first of the year for which the applicant is initially claiming the discount. (D) Notwithstanding subsections (B) and (C), beginning January 1, 2011, if the owner or purchaser makes written application to the county assessor after May first but before June first of the year for which the discount is claimed, the owner or purchaser shall still receive the discounted value, but the reduction in value shall only be reduced by ninety percent of the difference in the year the late application occurs. (E) Notwithstanding the time limitations provided in subsections (A) and (C), any qualified residential subdivision property that becomes eligible for the discount allowed by this section after December 31, 2005, and before January 1, 2014, and remains a qualified property, shall receive the discounted value until January 1, 2014, and the time limitations are tolled and time shall not begin to accrue until January 1, 2014.” SECTION 3. This act takes effect upon approval by the Governor and applies to property tax years beginning after 2010. /
447_20110224.docx