Staff Analysis of the Legislation
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This bill expands the scope of the "public property" exemption from ad valorem taxation to include "all interests in property" that is "owned" by the Board of Regents but "held" by a third party under a contract to "operate" the property as long as the property's primary use is to "serve" a public college or university. The ad valorem exemption is contingent upon approval in a statewide referendum. |
