Bill > HB5856

This bill amends the general property tax act to create a new exemption for commercial property located within a "HOPE zone" (Helping Opportunity Prosper Everywhere zone), which is an area designated under a separate act. Similar to existing exemptions for "renaissance zones," this HOPE zone exemption would apply to commercial property and would be in effect for the duration and to the extent provided by the HOPE zone act. However, this exemption would not apply to special assessments, property taxes specifically levied for debt repayment approved by voters, or certain school taxes. Additionally, commercial property associated with a casino, or on which a casino is operated, would not be eligible for the HOPE zone exemption. The bill also outlines specific requirements for personal property to qualify for the exemption, including being located in the HOPE zone for at least 50% of the preceding tax year, with provisions for property that doesn't meet this threshold but will be located in the zone for at least 50% of the current tax year. The bill also defines "commercial property" and "HOPE zone" for the purposes of this exemption.