(1)As used in this section:
(1)(a) "Exempt property" means real property that is exempt from ad valorem property tax because the real property is owned by the state.
(1)(b) "Lease agreement" means an agreement by which a private person leases from the state real property that is part of the point of the mountain state land.
(1)(c) (1)(c)(i) "Leased property" means real property that:
(1)(c)(i)(A) is part of the point of the mountain state land;
(1)(c)(i)(B) is leased by a private person; and
(1)(c)(i)(C) would be subject to ad valorem property tax if the real property were owned by the private person.
(1)(c)(ii) "Leased property" includes attachments and other improvements to the real property that would be included in an assessment of the value of the real property if the real property w
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(1) As used in this section:
(1)(a) "Exempt property" means real property that is exempt from ad valorem property tax because the real property is owned by the state.
(1)(b) "Lease agreement" means an agreement by which a private person leases from the state real property that is part of the point of the mountain state land.
(1)(c) (1)(c)(i) "Leased property" means real property that:
(1)(c)(i)(A) is part of the point of the mountain state land;
(1)(c)(i)(B) is leased by a private person; and
(1)(c)(i)(C) would be subject to ad valorem property tax if the real property were owned by the private person.
(1)(c)(ii) "Leased property" includes attachments and other improvements to the real property that would be included in an assessment of the value of the real property if the real property were not exempt property.
(1)(d) "Lessee" means a private person that leases property that is part of the point of the mountain state land under a lease agreement.
(1)(e) "Privilege tax" means a tax imposed under Section 59-4-101.
(2) Beginning January 1 of the year immediately following the execution of a lease agreement, the possession or other beneficial use enjoyed by any person of property on point of the mountain state land, if that property is used in connection with a business conducted for profit, is subject to Title 59, Chapter 4, Privilege Tax.
(3) The treasurer of the county in which the point of the mountain state land is located shall, in the manner and at the time provided in Section 59-2-1365:
(3)(a) collect privilege tax from a lessee; and
(3)(b) distribute privilege tax revenue to the authority in the following percentages:
(3)(b)(i) beginning January 1, 2025, 100% of the revenue generated by the privilege tax on point of the mountain state land;
(3)(b)(ii) beginning January 1, 2038, 96.3% of the revenue generated by the privilege tax on point of the mountain state land;
(3)(b)(iii) beginning January 1, 2044, 92.5% of the revenue generated by the privilege tax on point of the mountain state land;
(3)(b)(iv) beginning January 1, 2049, 90% of the revenue generated by the privilege tax on point of the mountain state land;
(3)(b)(v) beginning January 1, 2054, 87.5% of the revenue generated by the privilege tax on point of the mountain state land; and
(3)(b)(vi) beginning January 1, 2068, 25% of the revenue generated by the privilege tax on point of the mountain state land.