Prohibits exemption of school purposes property taxes under "Long Term Tax Exemption Law."
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill prohibits the exemption of school purposes property taxes under the ‘Long Term Tax Exemption Law’ for projects seeking such exemptions after the bill’s effective date. It amends the existing law to ensure that property taxes for school purposes are not reduced for properties benefiting from long-term tax exemptions granted to urban renewal entities. This aims to maintain a consistent tax base for school funding across the state.
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