The proposed bill, General Assembly Proposed Bill No. 699, aims to amend current property tax laws concerning solar projects. Specifically, it stipulates that if a property owner divides a parcel of land that is five acres or more into multiple lots of less than five acres for the purpose of leasing for solar projects, the entire property will be treated as a single entity for property tax purposes. This means that the individual lots will not be taxed separately, which could provide financial relief for property owners engaging in solar energy initiatives.

Additionally, the bill mandates that each subdivided lot must have separate points of ingress and egress, ensuring that access to each lot is clearly defined. This requirement is intended to facilitate the development and operation of solar projects while maintaining proper access for each lot. The bill does not include any deletions from current law but introduces new provisions to support the growth of solar energy projects in the state.