Authorizes municipalities to develop and implement a plan for local land value taxation based on classes of land.

This bill authorizes municipalities to develop and implement a plan for local land value taxation based on classes of land. It allows real estate to be classified as land or land exclusive of buildings and buildings on land. The plan can apply land value taxation to all taxable property or only within one or more existing property tax classes, homestead or non-homestead classes, or other categories of property authorized under state law. The plan must maintain revenue neutrality for each municipal corporation on whose behalf taxes are levied.

Authorizes municipalities to develop and implement a plan for local land value taxation based on classes of land.

This bill authorizes municipalities to develop and implement a plan for local land value taxation based on classes of land. It allows real estate to be classified as land or land exclusive of buildings and buildings on land. The plan can apply land value taxation to all taxable property or only within one or more existing property tax classes, homestead or non-homestead classes, or other categories of property authorized under state law. The plan must maintain revenue neutrality for each municipal corporation on whose behalf taxes are levied.