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IN SB0122
Bill
AI Summary
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Requires the state to make payments in lieu of property taxes (PILOTs) for state-owned or state-leased land parcels that are exempt from property taxes in counties where at least 15% of all land is state or federally owned/leased and tax-exempt.
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Calculates PILOT amounts by assessing each acre of a qualified parcel at one-half of the statewide agricultural land base rate value, then applying normal property tax rates to determine the payment owed to the county.
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PILOTs are collected and distributed using the same procedures as regular property taxes and may be used for any purpose that property tax revenue can support.
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Applies to property taxes first due and payable after December 31, 2017.
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Annually appropriates from the state general fund whatever amount is necessary to pay all required PILOTs to qualifying counties.
Legislative Description
State payments in lieu of property taxes. Requires the state to make payments in lieu of property taxes (PILOTs) for qualified parcels in counties in which at least 15% of all land in the county is: (1) in the aggregate, owned or leased by the state of Indiana or the federal government; and (2) subject to an exemption from property taxes. Defines "qualified parcel" as a parcel that is: (1) owned or leased by the state of Indiana; (2) subject to an exemption from property taxes; and (3) located in a county to which this act applies. Provides that a
Last Action
Senator Houchin added as second author
1/24/2017