| SB 0761 | Requires counties to pay PILOTS for certain county-purchased property |
| Sponsor: | Yeckel | |||
| LR Number: | 3031S.01I | Fiscal Note: | 3031-01 | |
| Committee: | Local Government and Economic Development | |||
| Last Action: | 02/05/02 - Hearing Conducted S Local Government & Economic | Journal page: | ||
| Development Committee | ||||
| Title: | ||||
| Effective Date: | August 28, 2002 | |||
SB 761 - This act requires counties to make a payment in lieu of taxes (PILOT) for certain property purchased by the county and taken off the tax rolls. If the property is purchased for the purpose of private development and then is undeveloped for a period of at least 2 years, the county must make PILOT payments. For property purchased for the purpose of private development between August 28, 1992, and August 28, 2002, the county will have 2 years from August 28, 2002, to develop the property, otherwise PILOT payments must be made. Additionally, if property is purchased by the county for purposes of private development and then is developed into income-producing property, the county must make PILOT payments.
This act also postpones the exempt status of property acquired by tax-exempt entities until January 1st of the year following the purchase by the tax-exempt entity.
This act is similar to SS/SCS/SBs 347 & 487 (2001).
JEFF CRAVER