92nd General Assembly
Summary of SB0298
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Short description: 
PROP TAX-WATER TREATMNT FACLTY                                             

Synopsis of Bill as introduced:
        Amends the Property Tax Code.  Provides that a  qualifying  water      
   treatment facility means a water treatment facility that is owned by a      
   not   for   profit   corporation  that  sells  potable  water  to  the      
   corporation's members on a mutual or cooperative and  not  for  profit      
   basis.   Provides  that qualifying water treatment facilities shall be      
   valued for purposes of computing the assessed valuation on  the  basis      
   of  33 1/3% of the fair cash value, which shall be determined based on      
   the value of the facility if it were removed from the site  and  sold.      
   Provides  for  application  for  a qualifying water treatment facility      
   certificate from the Department  of  Natural  Resources  and  judicial      
   review for aggrieved parties.  Authorizes the Department of Revenue to      
   adopt   rules  concerning  the  assessment  of  qualified  facilities.      
   Effective January 1, 2002.                                                  
Last action on Bill: PUBLIC ACT.............................. 92-0278

   Last action date: AUG-07-2001

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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