SB-0053 Summary

• Changes recapture tax calculation from using state equalized valuation and total millage rates to using taxable value and school district operating mills reduced by qualified forest property fees.

• Replaces the fixed 7-year multiplier with a variable multiplier equal to the number of years the property had qualified forest property exemption, capped at 7 years.

• Adds new subdivision (c) establishing separate recapture tax calculations for properties withdrawn from the Natural Resources and Environmental Protection Act Part 511 program, based on application fees and penalties that would have been assessed.

• Modifies subdivision (d) to require inclusion of tax benefits received when property is converted by change in use and ownership transfer occurred under general property tax exemption provisions.

• Takes effect June 1, 2013.