Bill > HB451

This bill establishes the Tax-exempt Property Municipal Assistance Act, which creates an annual revenue sharing program for municipalities with a significant amount of tax-exempt real property. The key provisions of the bill include: 1. Defining key terms such as "common level ratio," "market value of tax-exempt property," and "qualified tax-exempt property." 2. Requiring counties to annually report the market value of tax-exempt properties within their jurisdiction to the Department of Community and Economic Development. 3. Establishing the Tax-exempt Property Municipal Assistance Fund, which will be funded by revenue from the state's liquor tax, and appropriating the funds for distribution to eligible municipalities. 4. Determining eligibility for municipalities based on the total market value of tax-exempt properties within the municipality, and setting distribution formulas and limitations. 5. Requiring the Department of Community and Economic Development to develop guidelines for implementing the program and submit them to legislative committees. 6. Repealing a provision that requires liquor tax revenue to be credited to the General Fund. The overall purpose of the bill is to provide financial assistance to municipalities that have a significant amount of tax-exempt property within their borders, which can impact their ability to generate property tax revenue.