Public corporations

From the 2024 DOR Tax Exemption Study

35.21.755 - Public corporations Description Public corporations, commissions, and authorities must pay an in-lieu excise tax equal to what the property tax would be if a private owner owned the property. Certain properties are exempt from this in-lieu tax including property: - Located in a special review district established prior to January 1, 1976. - Listed on a federal or state register of historical sites. - Used primarily for low-income housing, as a convention center, performing arts center, public assembly hall, public meeting place, public esplanade, street, public way, public open space, park, public utility corridor, or public view corridor. - Considered blighted property acquired by a public corporation for remediation purposes. - Used for transit purposes by a regional transit authority. Certain historical properties are exempt from leasehold excise taxes. Purpose Supports social benefits provided by community resources and encourages owners to retain historical property. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes Indeterminate Indeterminate Indeterminate Indeterminate Local Taxes Indeterminate Indeterminate Indeterminate Indeterminate