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Relating to installment payments of ad valorem taxes on property in a disaster area.
No fiscal implication to the State is anticipated.
SB 742 would allow the governing body of a taxing unit to authorize a person to pay their property taxes in installments, provided that the property is in a disaster area, regardless of whether or not the business was damaged by the disaster, and is owned or leased by a business entity that meets certain eligibility requirements as specified in the bill.
As SB 742 supports limited government, individual liberty, and property rights by allowing flexibility in property tax payments for businesses affected by disaster regardless of whether the business was physically damaged by the disaster. This bill implicitly acknowledges the fact that not all disaster induced damage is physical property damage and makes adjustments accordingly. For these reasons we support SB 742.