(HB 1129)
Business incubator real property tax exemption.
Section
1.
That chapter
10-4
be amended by adding thereto a NEW SECTION to read as
follows:
Section
2.
That
§
10-4-15
be amended to read as follows:
10-4-15.
Any person, organization, corporation, or association claiming a property tax
exemption status for any property under
section 1 of this Act or
§§ 10-4-9 to 10-4-14, inclusive,
or as may otherwise be provided by law, shall apply for such exemption to the county director of
equalization on forms prescribed by the secretary of revenue and regulation prior to November first
of the tax year.
Section
3.
That
§
13-13-20.4
be amended to read as follows:
13-13-20.4.
The actual assessed valuation of any property given a reduced valuation pursuant
to §§ 10-6-35.1, 10-6-35.2, 10-6-35.4, 10-6-35.21, 10-6-35.22, 10-6-35.24, 10-6-35.25, 10-6-54,
10-6-55, 10-6-66, and 10-6-67 shall be used when calculating state aid to education. For any
property given a reduced valuation after November 1995, pursuant to §§ 10-6-35.1, 10-6-35.2, 10-
6-35.4, 10-6-35.21, 10-6-35.22, 10-6-35.24, 10-6-35.25, 10-6-54, 10-6-55, 10-6-66, and 10-6-67
that has not previously received a reduced valuation pursuant to these statutes, the portion of actual
assessed valuation of the property used when calculating state aid to education shall be twenty
percent in the first year, forty percent in the second year, sixty percent in the third year, eighty
percent in the fourth year, and one hundred percent each year thereafter.
In addition, the actual
assessed valuation of any property given exempt status pursuant to section 1 of this Act shall be
used when calculating state aid to education.