Exempts water system property owned by private water-works corporations in large counties from being classified as special franchise property.
This bill amends the real property tax law to redefine "special franchise" to exclude water system property owned by private water-works corporations in counties with a population of one million or more that are special assessing units. Any tax relief from this change must be used to reduce current water rates and offset future water rate increases. The amendment takes effect immediately.
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