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
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Current Bill Summary

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.