Commercial property tax plan advances

A Senate panel gave unanimous support Tuesday to a commercial property tax reduction plan targeting relief to job-generating small businesses.The Senate Ways and Means Committee endorsed majority Democrats' plan to provide $50 million in permanent tax relief beginning in July 2012 by establishing that the first $32,000 of assessed value for commercial and industrial property would be taxed at the same rate as residential homes. That could provide an average of nearly $600 per commercial parcel in the first year, with the program to grow incrementally by $50 million for four years with a proviso that yearly state revenue would have to grow by at least 4 percent to trigger the relief.
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