Bill > S07216

This bill provides for the taxation of state-owned land for all purposes, excluding improvements, and in accordance with any payment in lieu of taxes agreement, commencing on and after January 1, 2021. The bill establishes a phased-in approach, where state-owned land will be subject to a gradually increasing percentage of the taxes that would be owed if the land were privately owned, starting at 10% in 2021 and reaching 30% in 2025 and thereafter. The amount of taxes paid will not reduce the real property taxation payment owed to a municipal corporation, and on land with an existing payment in lieu of taxes agreement, the state will pay the greater of the amount owed under the agreement or the amount owed under this new provision.