Property tax deductions for land sale contracts.

Authors: Representative Cherrish Pryor


Specifies the terms that a contract for the purchase of real property or a mobile home or manufactured home that is not assessed as real property must include to qualify the buyer for certain property tax deductions. Defines a contract containing the required terms as a qualified installment contract. Provides that a person who: (1) owns property subject to taxation; (2) misrepresents a residential lease as a qualified installment contract; and (3) through the person's misrepresentation, causes another individual to improperly claim a deduction that is made available to a buyer under a qualified installment contract; is liable for any additional taxes that would have been due on the property if the person had leased the property to the purported contract buyer, plus a civil penalty equal to 10% of the additional taxes due.