|SB 0347||Sets aside a portion of property taxes for GIS systems & re- quires counties to pay PILOTS for county-purchased property|
|LR Number:||1303S.05P||Fiscal Note:||1303-05|
|Committee:||Local Government and Economic Development|
|Last Action:||05/03/01 - HCS Voted Do Pass H Local Gov. & Related Matters Com.||Journal page:|
|Title:||SS SCS SBs 347 & 487|
|Effective Date:||August 28, 2001|
SS/SCS/SBs 347 & 487 -- 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 its 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, 2001, the county will have 2 years from August 28, 2001, to develop 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 also requires counties to deposit a percentage of
their ad valorem property tax collections into a county
assessment fund to support installation, operation and
maintenance of a geographic information system as approved by the
county governing body. Between January 1, 2002, and December 31,
2004, the percentages are: one-fifth of one percent for counties
of the first classification and cities not within a county, and
one half of one percent for all other counties. Beginning on
January 1, 2005, the percentages are reduced to one-quarter of
their original levels, to: one-twentieth of one percent and one
eighth of one percent, respectively.