Senate Bill 496 provides an ad valorem property tax exemption extension for an additional 12 years for income-producing real property that is certified as rehabilitated historic property for purposes of preferential assessment or as landmark historic property. The bill requires the governing authority of the county to approve the exemption extension.

SUBSTITUTE

SB 496 is now a substitute bill and now contains portions of HB 1116, HB 1134, and HB 1197. The revised bill would extend the sunset date for tax credits for the rehabilitation of historic buildings or structures through 2029 and extend the sunset date for the Rural Zone tax credit through 2032. Please see the legislative tracker for descriptions of HB 1116, HB 1134, and HB 1197.