An Act to reform payments in lieu of taxes for state-owned land

This bill reformulates how the state calculates payments to local municipalities for state-owned land, replacing a specific percentage-based formula with a calculation based on average local tax rates from the previous three years. The legislation directly affects cities and towns that host state property by changing the method used to determine the annual reimbursement amount they receive. Under the new rules, the state treasurer must calculate these payments by applying the average of the prior three years' tax rates to the land's assessed value, ensuring the reimbursement does not decrease from the previous year unless land values are removed. This change aims to align state reimbursements more closely with current local tax burdens rather than using a fixed percentage.