HB 942 — DID NOT CROSS Public Property Owned By A Political Subdivision: Limit Ad Valorem Tax Exemption

House Bill 942 would limit the ad valorem tax exemption for public or personal property that is owned by a political subdivision and sits outside of its territorial limits. The bill would limit the ad valorem tax exemption for said property to 60 percent of its fair market value on or after January 1, 2027 provided that the land has been developed by grading or other improvements to the extent that 25 percent of the total land area and facilities are actively used for a public or government purpose.