Increases payments in lieu of taxes for lands owned by the State or nonprofit organizations for recreation and conservation.

This bill increases the amounts of certain payments in lieu of taxes (PILOTs) for lands owned by the State or a qualifying tax-exempt nonprofit organization for recreation and conservation purposes. The bill modifies the formulas for PILOTs based on the percentage of open space lands in a municipality. The new per-acre amounts are: $3 for municipalities with less than 20% open space lands, $7.50 for those with 20-40%, $15 for those with 40-60%, and $40 for those with 60% or more. The bill applies to lands acquired using any funding source other than constitutionally dedicated moneys.

Increases payments in lieu of taxes for lands owned by the State or nonprofit organizations for recreation and conservation.

This bill increases the amounts of certain payments in lieu of taxes (PILOTs) for lands owned by the State or a qualifying tax-exempt nonprofit organization for recreation and conservation purposes. The bill modifies the formulas for PILOTs based on the percentage of open space lands in a municipality. The new per-acre amounts are: $3 for municipalities with less than 20% open space lands, $7.50 for those with 20-40%, $15 for those with 40-60%, and $40 for those with 60% or more. The bill applies to lands acquired using any funding source other than constitutionally dedicated moneys.