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DIGEST OF INTRODUCED BILL
Property tax exemptions. Provides that a fraternal organization is entitled to a property tax exemption applied in the form of a credit against the property taxes on otherwise taxable property in the amount of 1/3 of the organization's average contributions to charity or to a college scholarship fund in the preceding two years. Allows political subdivisions to adjust assessed values used to set property tax rates to avoid shortfalls that would otherwise result from the credits.