Home Forums Legislation Holding MV bills & tangible exemption/tax cap question

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  • Charlene G Randall
    Participant
    Post count: 8

    Based on the possibility of the acceleration of the MV phase out:
    1) does anyone have plans to hold up their MV bills?
    2) if they approve it, will we get the full amount reimbursed that was in our budget calculations or do they use some sort of formula? – in other words, will we be left with a hole in our budget?

    Tangible – those who have an exemption, how are you handling this proposal? If this is passed, how does it affect the 50% difference between other rates?

    44-5-12.2. Tangible personal property exemption-Tax rate cap.
    Notwithstanding any other provision of law to the contrary, the tax rate for the class of property that includes tangible personal property for any city, town, or fire district that also establishes a tangible personal property assessment exemption, pursuant to subsections (a)(51), (a)(66), or (c) of § 44-3-3, § 44-3-47, § 44-3-65, or any other provision of law that enables a city, town, or fire district to establish a tangible personal property assessment exemption, shall be capped at the tax rate in effect for the assessment date immediately preceding the assessment date on which the exemption takes effect or the assessment date immediately following the effective date of this section, whichever is later.

    Chris Celeste
    Keymaster
    Post count: 13

    for MV:
    1) Smithfield will hold of until there is a codified budget so we do it once and do it correctly.
    2) It’s my understanding that they would give the full FY18 baseline for reimbursment, so no budget issues.

    Tangible:
    That rate cap provision is only if a town implements a tangible exemption. Which is so assinine. They want us to reduce the assessments, then move the burden to some other tax class instead of increasing the tangible rate to keep the tangible levy flat? WTF you can’t make this stuff up. I swear no one (that proposes bills) understands tax policy or the difference between rate and levy.

    Erin Jacobs
    Participant
    Post count: 2

    Has there been any updates as far as phasing out MV bills for this current tax period?

    Charlene G Randall
    Participant
    Post count: 8

    Erin – I haven’t heard any yet. The renewable energy bill restricting land value increases was held so that’s a plus.

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