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S 1131

APPROPRIATIONS – DEPARTMENT OF INSURANCE – Relates to the appropriation to the to the Department of Insurance for fiscal year 2026.

68th Legislature, 1st Regular Session (2025)

Bill S 1131 establishes a pilot program for local land value taxation, aiming to help municipalities generate revenue and promote fair land use while reducing real estate speculation.

Signed by Governor on 03/19/25 Session Law Chapter 134 Effective: 07/01/2025
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Bill Summary · S 1131

Summary of Bill S 1131

Overview

Bill Number: S 1131
Title: Directs the Department of Taxation and Finance to Establish a Pilot Program for Implementation of Local Land Value Taxation
Status: PRINT NUMBER 1131A
Introduced: January 08, 2025
Classification: Bill

Purpose and Intent

Bill S 1131 aims to explore the feasibility and implementation of local land value taxation (LVT) through a pilot program. The intent is to assess how LVT can be used as a tool for local governments to generate revenue while promoting equitable land use and reducing speculation in real estate markets.

Key Provisions

  • Pilot Program Establishment: The bill mandates the Department of Taxation and Finance to create a pilot program that will test the implementation of local land value taxation in selected municipalities.
  • Evaluation Criteria: The program will include specific criteria for evaluating the effectiveness of LVT in generating revenue, its impact on local economies, and its influence on land use patterns.
  • Duration and Reporting: The pilot program is expected to run for a defined period, after which the Department will report findings and recommendations to the legislature regarding the broader application of LVT across the state.

Affected Parties

  • Local Governments: Municipalities participating in the pilot program will be directly affected, as they will implement and manage the LVT system.
  • Property Owners: Landowners in the pilot areas may experience changes in their tax obligations, depending on how land value is assessed under the new taxation model.
  • Community Stakeholders: Residents and local businesses may see changes in land use and development patterns as a result of the new taxation approach.

Legislative Timeline

  • January 08, 2025: Bill S 1131 was introduced and referred to the Local Government Committee.
  • March 28, 2025: The bill was amended and recommitted to the Local Government Committee, resulting in the updated PRINT NUMBER 1131A.

Related Legislation

  • S 7871: A related bill from a prior session that may provide context or background for the current legislation.
  • A 3339: A companion bill in the Assembly that aligns with the objectives of S 1131, potentially facilitating a coordinated approach to land value taxation.

Conclusion

Bill S 1131 represents a significant step towards exploring innovative taxation methods at the local level. By establishing a pilot program for land value taxation, the bill seeks to provide valuable insights into its potential benefits and challenges, paving the way for future legislative action on this issue.

Compiled from official sources — confirm details with the bill’s official record.

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