Relating to the taxation of the property of limited liability companies; and prescribing an effective date.

Provides that property of limited liability company qualifies for property tax exemption or special assessment if limited liability company is wholly owned by nonprofit corporations or public bodies and property, if held directly by each nonprofit corporation owner of limited liability company, would qualify for such exemption or special assessment. Limits exemption or special assessment to least extent that would be granted to property in hands of any of nonprofit corporation owners. Takes effect on 91st day following adjournment sine die.