Provides that nonprofit fairs which receive funds allocated by the Director of the Department of Agriculture from the fair fund are exempt from property taxes, with the exception of private fairs associations owning property valued at more than fifty million dollars. (see also HB 1550).   Official Text and Analysis.

Permits the property tax exemption to apply if the fair is eligible to receive support from the fair fund rather than requiring actual receipt of support.

Changes the limitation for nonprofit fairs qualifying for a property tax exemption from those who have a value of $50 million or less to those with a value of $15 million or less.

Adds the current restricted uses back to the bill for a nonprofit fair. An exemption without restricted uses is provided only for a county fair that becomes a nonprofit fair. These are limited to those with a property value of $15 million or less.

Removes the authority of nonprofit fair associations to receive funds from the horse racing commission. Except for certain nonprofit fair associations, the real and personal property of a nonprofit fair association that is eligible to receive support from the fair fund is exempt from taxation. The amendment clarifies that the exemption for property owned by a nonprofit fair association with property valued at $15 million or less, requires that the property must have been used previously by the county for fair purposes and that the property must be used for fair purposes by the nonprofit corporation.

Changes the nonprofit fair association property tax exemption to include lands acquired from a city, rather than a county. To qualify for the exemption, the land must have been previously used by the city for fair purposes, rather than a county.

Exempts the real and personal property of a nonprofit fair association that was purchased from a county or city. Excludes large nonprofit fairs with property valued at more than $15 million from the nonprofit fair association property tax exemption.

To concur in House amendment(s).

Deletes the authority of nonprofit fair associations to receive funds from the horse racing commission. Except for nonprofit fair associations having property valued at more than $15 million, the real and personal property of a nonprofit fair association that is eligible to receive support from the fair fund is exempt from taxation. The exemption from taxation is for real and personal property previously owned by a city. When this property is acquired by a nonprofit fair association and used for fair purposes by the association, if the majority of the property was acquired from a county or city between 1995 and 1998, the exemption applies. The requirement that the property must have been used for fair purposes by the city is removed. This exemption will end for taxes levied for collection in 2019 and thereafter. An intent section is added.