KY HB560

Amends KRS 45.021 to require the Finance and Administration Cabinet to contract with local boards of education in school districts where 65% or more of total assessed real property value is tax-exempt

Qualifying school districts must not already receive financial relief from other sources to reimburse lost property tax revenue from tax-exempt properties

State payments must cover at least 25% of the total property tax revenue lost annually from tax-exempt properties within eligible districts

Contracts are subject to budgetary limits fixed by General Assembly appropriations