Requires taxation as real property of improvements on publicly owned real property used for purpose and protection of public water supply.

This bill changes property tax rules for public water infrastructure. Currently, improvements like dams, buildings, or other structures on publicly owned land used for water supply are exempt from taxation, while similar improvements on private land are taxed. The bill requires municipalities to tax these improvements on public water supply land at the same rate as on private land. This aligns public and private property tax treatment for water infrastructure, aiming to provide municipalities with additional tax revenue from such improvements.