HB0257 Summary

• Amends the Property Tax Code to create a new "keystone property" designation for vacant industrial or medical structures over 100,000 square feet that are more than 30 years old, located on parcels exceeding 5 acres, and represent top 10% of municipal tax liability.

• Allows property owners to apply for keystone property certification from July 1, 2017 through July 1, 2029 if the property meets all specified criteria, including vacancy requirements (5+ years for industrial, recent or imminent for medical properties).

• Properties cannot be designated as keystone property if located in a tax increment financing district or if they have historical significance or landmark status.

• Certified keystone properties receive tax abatement for 12 years: aggregate tax liability capped at $75,000 annually for the first 3 years, then increases in years 4-12 limited to the percentage increase in total equalized assessed value of the taxing district.

• Property is valued at 33⅓% of fair cash value of land only, excluding buildings and improvements, during the 12-year abatement period.