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DIGEST OF SB512 (Updated January 22, 2003 4:47 pm - DI nm)
Payments in lieu of taxes. Requires the department of natural resources to make a semiannual payment in lieu of property taxes (PILOT) for land owned or leased by the department of natural resources, except for land used as a state park. Allows the legislative body of a county and the board of directors of a conservancy district to collect a PILOT. Provides that for purposes of calculating a PILOT, the land is considered to have an assessed value of $165 per acre. Establishes the PILOT transfer fund and appropriates from the state general fund to the PILOT transfer fund the amount necessary to make required distributions to political subdivisions.