This bill authorizes a property tax exemption for certain property owned by Independent School District No. 745 in Albany, specifically for hospital property acquired in September 2022. The exemption applies to property taxes payable in 2023, overriding existing laws that would otherwise require taxation. To qualify for this exemption, the school district must receive an exemption application from the county assessor and submit it by August 1, 2023.

Additionally, the bill appropriates funds from the general fund to the commissioner of revenue to cover the property taxes that would have been collected due to this exemption. The new legal provisions included in the bill will take effect the day after the bill is enacted.