Bill > HB1677

This bill establishes the Tax-exempt Property Municipal Assistance Fund, which will be funded by the state's liquor tax revenue. The fund will provide annual revenue sharing to eligible municipalities where the total market value of tax-exempt properties equals or exceeds 15% of the municipality's total assessed property value. The Department of Community and Economic Development will administer the program, distributing the funds based on each eligible municipality's share of the total market value of qualified tax-exempt properties across all eligible municipalities. The bill also requires counties to annually report on tax-exempt properties within their jurisdictions and imposes penalties for failure to do so.