Bill > HB1702

This bill establishes the Tax-exempt Property Municipal Assistance Fund and an annual revenue sharing program for municipalities with a significant amount of tax-exempt real property. The bill defines key terms like "qualified tax-exempt property" and requires counties to annually report the market value of tax-exempt properties within their jurisdiction to the Department of Community and Economic Development. The department will then distribute funds from the Tax-exempt Property Municipal Assistance Fund, which is funded by the state's liquor tax, to eligible municipalities based on a formula that considers the total market value of qualified tax-exempt properties within the municipality. The bill also imposes powers and duties on the department and makes a repeal to an existing law.