S.1255 - Property Tax Relief and Reform Act93rd Congress (1973-1974)
|Sponsor:||Sen. Muskie, Edmund S. [D-ME] (Introduced 03/15/1973)|
|Committees:||Senate - Government Operations|
|Latest Action:||Senate - 03/15/1973 Referred to Senate Committee on Government Operations. (All Actions)|
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Summary: S.1255 — 93rd Congress (1973-1974)All Information (Except Text)
Introduced in Senate (03/15/1973)
Property Tax Relief and Reform Act - Title I: Findings and Purpose - Enumerates the findings of Congress and declares the general purposes of this Act to be to: (1) provide for a program of assistance to State governments in reforming their real property tax laws, and (2) provide relief from real property taxes for low-income individuals.
Title II: The Office of Property Tax Relief and Reform - Establishes, within the Department of the Treasury, the Office of Property Tax Relief and Reform to administer the real property tax relief and reform programs established under this Act. Provides that the office be headed by a Director, to be appointed by the President.
Sets forth the functions of the Office, including: (1) administering property tax relief and reform programs; developing compatible fiscal and administrative systems of property taxation among Federal, State and local governments; (2) acting as a clearinghouse of information for State and local governments with respect to the Federal programs affecting the administration of property taxes; (3) providing technical and training assistance to States; (4) providing financial assistance for special experimental programs in the administration of property tax laws; (5) evaluating all Federal efforts in the areas of property tax relief and reform; and (6) reviewing Federal laws applicable to, or having an effect on property taxes.
Title III: Real Property Tax Relief for Low-Income Individuals - Authorizes the Office to make grants to States which operate a qualified program of real property tax relief. Requires a State program, to qualify for such aid, to provide relief to both homeowners and renters of residential property (including apartments) which meets minimum standards specified in this Act.
Empowers the Director to reduce the amount of the payments to a State unless the State has substantially implemented the reforms and complied with the guidelines of title IV and V of this Act.
Title IV: Reform of Property Tax Administration; Disclosure, Access, and Appeal - Requires a State to publish the assessment-sales ratio of specified classifications of residential, commercial, industrial and vacant property for each taxing jurisdiction within the State. Stipulates that a State program must provide a real property assessment appeal procedure for taxpayers. Requires a State to provide public access to real property tax data, including a separate listing of all tax-exempt real property assessments. Authorizes loans to States for the purposes of fulfilling the requirements of this Title.
Title V: Reform of Property Tax Administration; Uniform Assessment Practice - Requires that a State program shall provide for: (1) the certification of professionally qualified officials for assessing and appraising property; (2) training such officials; (3) the sharing of the cost of assessment personnel by taxing jurisdictions which lack the resources to maintain such personnel separately; (4) the compiling of maps to disclose the location of property and improvements and identification of ownership of such property; (5) the determination of (a) the degree to which State taxes on residential personal property, commercial inventories, farm personal property, personal holdings of bank deposits, and securities and other financial assets are uniformly enforced and (b) the cost of administering such taxes.
Authorizes the Office to make loans to qualifying State programs for the purposes of carrying out this Title.
Title VI: Federal Assistance to Training and Technical Programs - Provides that the Office shall grant assistance to States for the training of real property tax assessment and appraisal personnel.
Authorizes the Office to develop, jointly with States, and provide grants for, special experimental programs to improve the administration of property tax laws.
Title VII: Miscellaneous: Conditions of Grants and Loans - Provides that the Director shall establish standards for the qualification of firms engaged in providing property appraisal services to State and local governments, and shall certify any such firm which meets those standards.
Authorizes appropriations to the Office such sums as may be necessary for the purposes of carrying out the provisions of this Act (other than title III and other than the grant and loan programs authorized by title IV and V) for the fiscal year 1974, and for each of the succeeding nine fiscal years.