House of Representatives

SB 1515

property tax classification; conservation easement

Sponsors: Senator Valadez

X	Committee on Natural Resources and Agriculture
X	Committee on Ways and Means
	Caucus and COW
	As Passed the House

Beginning in the 2002 valuation year, conservation easement property is valued as class 6 property. The proposed strike-everything amendment defines timeshare property and how it will be valued for the purposes of property taxation.

History for the proposed strike-everything amendment

Recently, some county assessors have changed the way property that is used as a timeshare is valued for property taxation purposes. The assessor values each interest in the timeshare property instead of valuing the property as one unit. This practice has resulted in dramatic valuation increases. The proposed strike-everything amendment will clarify, for property taxation purposes, the definition of a timeshare, how it is valued and who pays the property tax that is imposed on a timeshare property.

Provisions for the proposed strike-everything amendment

· Defines “timeshare” and “timeshare property” as the real property ownership or right of occupancy in real property that is regulated by the Real Estate Department.

· Timeshare interests are not subject to separate valuation and shall be valued, assessed and taxed as a unit if it is a condominium or on the basis of the whole timeshare property if it is not a condominium.

· The value of the timeshare property is determined based on other comparable properties and not on the sales price of the timeshare interest.

· The managing entity for the various owners of the interests in the timeshare property is designated as the property taxpayer. The county treasurer will send the property tax bill to the managing agent.

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· 45th Legislature

· First Regular Session 3 April 2, 2001

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