§ 7-523

(a) The governing body of a county may enter into an agreement with a broadband services provider located in the county for a negotiated payment by the provider in lieu of taxes on property located in the county and owned by the provider.

(b) An agreement for a negotiated payment in lieu of taxes under this section shall provide that, for the term specified in the agreement:

(1) the provider shall pay to the county a specified amount each year in lieu of the payment of county real and personal property tax; and

(2) all or a specified part of the provider’s real and personal property located in the county shall be exempt from county property tax for the term of the agreement.

(c) As specified in an agreement for a negotiated payment in lieu of taxes under this section, for the term specified in the agreement, the provider’s real and personal property located in the county is exempt from county property tax.