EXTEND PROPERTY TAX EXEMPTION PERIOD

Summary

The bill lengthens the tax‑exempt period for project property in designated redevelopment areas, allowing lessees or owners to avoid property taxes for up to fourteen years after a municipality acquires the land. During that time they must make annual “payments in lieu of taxes” equal to what the taxes would have been based on the property's value before acquisition, which the county treasurer will distribute as if they were regular taxes. The change applies to properties acquired after Jan. 1, 1986 and to new leases signed after the law takes effect.

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