- The governor’s office, in consultation with the state treasurer, shall commission a study of the property tax deferral program created in this article 3.5 and make recommendations for possible changes to the program to the general assembly by January 1, 2022. The study shall explore best practices to structure and administer a low-interest loan program to assist qualifying homeowners in paying annual property taxes on their principal residence. The study shall include, but not be limited to, estimated participation rates, cash-flow analysis, estimated average loan size, estimated loan duration and whether duration should be limited, estimated secured debt for primary residences, income-based eligibility alternatives, a market analysis for the state to securitize the debt, an estimate of the impact an expanded program will have on the state’s annual budget, and projected costs of implementation, including costs for technology and staff, for the state treasurer and county treasurers.
- This section is repealed, effective July 1, 2022.
Source: L. 2021: Entire section added, (SB 21-293), ch. 301, p. 1810, § 9, effective June 23.