SB163 Summary

• Modifies the Ad Valorem Reimbursement Fund to limit property valuation used for calculating reimbursements to counties, effective for tax year 2012 and beyond.

• For new or expanded manufacturing and research/development facilities receiving ad valorem tax exemptions, reimbursement shall be based on property valuation from the calendar year immediately preceding when the facility initially qualified for exemption.

• Maintains the priority distribution system for fund disbursements: manufacturing/R&D facility exemption reimbursements are paid first, followed by school district/county exemptions, then buffer strip valuations.

• Becomes effective January 1, 2012.