S.F. No. 183 makes several changes to the state general levy.
Section 1. Levy amount. Sets the state general levy base amount for commercial-industrial property at $747,000,000 and at $43,500,000 for seasonal residential recreational property for taxes payable in 2018 and thereafter. The automatic inflation index for each levy base amounts are not changed. The levy base amount for commercial-industrial property is reduced to take into account the exemption of the first tier in Section 2, so that taxes will not shift onto other properties.
Section 2. Commercial-industrial tax capacity; exemption. Exempts the first $150,000 of commercial-industrial net tax capacity from the state general levy for taxes payable in 2018 and thereafter.
Section 3. Apportionment and levy of state general levy. Eliminate the current 95/5 percent apportionment of the state general levy between commercial-industrial and seasonal residential recreational property as each levy base amount is now separately stated in Section 1.
Effective Date. All sections are effective beginning with taxes payable in 2018 and thereafter.
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