Bills · 2011-2012 Regular Session
correcting the 2011 equalized valuation for the village of Warrens.
- Introduced, stopped here
- Passes Senate, not reached
- Passes Assembly, not reached
- Governor signs, not reached
- Law, not reached
Unfamiliar terms? Glossary
What this bill does
Plain-language analysis by the nonpartisan Legislative Reference Bureau
Under current law, annually, the Department of Revenue (DOR) determines
the full value of the property of each county and taxation district. This property
valuation is known as "equalized value." DOR determines the equalized value of all
property in the state to ensure, generally, that the property is being assessed at its
full value. If DOR makes an error in determining the equalized value of the property
of any county or taxation district, DOR corrects the error by adjusting the county's
or taxation district's equalized value in the year after the year in which DOR made
the error.
In 2011, DOR undervalued a tax increment district in the village of Warrens by
$4,708,700. This bill requires that, no later than November 30, 2011, DOR correct
the 2011 equalized value determined for the village of Warrens.