SB85 Summary

• Exempts landowners receiving state-authorized economic incentives (granted through a state project agreement or state contract) from additional state ad valorem taxes that normally apply when Class III current-use property is converted to a non-qualifying use within two years.

• Allows county and municipal governments to elect to waive additional local ad valorem taxes on the same class of incentivized landowners and properties, as an optional measure at each jurisdiction's discretion.

• Applies the exemptions to additional taxes computed for the three preceding ad valorem tax years upon conversion, which would normally be based on either the sales price or fair market value (whichever is greater) of the converted property.

• Becomes effective immediately upon passage and Governor approval or upon otherwise becoming law.