HB502 Summary

• Proposes a constitutional amendment requiring the Forever Wild Land Trust to annually reimburse lost ad valorem tax revenue for property it acquires that was previously subject to taxation.

• Reimbursement payments begin with the tax year after amendment ratification and must be paid from monies received under Amendment 860 or other sources, with amounts determined by county tax officials by December 31 each year.

• Reimbursement payments constitute a first priority payment from the Forever Wild Land Trust and must be distributed to county tax officials by April 1 each year, then distributed the same way as other ad valorem tax proceeds.

• County tax officials must determine and report in writing the amount of ad valorem taxes that would have been assessed on Forever Wild Land Trust property on October 1 of each reporting year.

• The amendment applies to property acquired by the Forever Wild Land Trust both before and after ratification; the legislature may enact general laws to establish procedures and due dates for assessment, collection, and distribution of these payments.