Relates to payments in lieu of taxes

Summary

The bill lets a city, town or school district choose to use the taxable equivalent of land covered by a payment‑in‑lieu‑of‑taxes (PILOT) agreement instead of its full assessed value when computing the quantity change factor that drives tax‑levy limits. It requires a local law or board resolution after a public hearing and sets up rules for the state commissioner to calculate and allocate those values. This change aims to reflect the true tax‑base impact of exempt property without inflating levy limits.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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