Reimburse communities for forgone tax revenues due to certain types of tax-exempt state-owned land.
How were the estimates determined?
The formula is based on property value of qualifying parcels and the latest three-year statewide average tax rate. The proposed appropriation is run through the formula to determine each community's reimbursement.
The FY07 State Owned Land value reflects updates based on the full program revaluation.
Why did the estimates change?
Preliminary estimates do not include all acquisitions and deletions of state owned lands from local tax rolls. Final estimates will reflect these changes.
The appropriation in the Governor's budget of $25.3 million covers 62.6 percent of the full statutory entitlement.