Sec. 3805.255. PAYMENT IN LIEU OF TAXES TO OTHER TAXING UNIT. If the district's acquisition of property for a parking facility that is leased to or operated by a private entity results in removing from a taxing unit's tax rolls real property otherwise subject to ad valorem taxation, the district shall pay to the taxing unit in which the property is located, on or before January 1 of each year, as a payment in lieu of taxes, an amount equal to the ad valorem taxes that otherwise would have been levied for the preceding tax year on that real property by the taxing unit, without including the value of any improvements constructed on the property.
Added by Acts 2005, 79th Leg., Ch. 728 (H.B. 2018), Sec. 18.003(g), eff. September 1, 2005.
Section: Previous 3805.106 3805.151 3805.152 3805.1525 3805.1526 3805.153 3805.154 3805.155 3805.156 3805.157 3805.201 3805.251 3805.252 3805.253 3805.254Last modified: September 28, 2016