House Repeals Property Tax Credit, Social Services Takeover Will Cover Half The Credit's Value
The sustainability of "property tax relief" program using state tax dollars to reduce local property taxes is now at 0% as the State House yesterday voted to repeal the 12% property tax credit.
Senate Bill 2206 was amended to repeal the 12% credit and takeover about half that much of the property tax bill which covers local social services.
As we told you earlier this week, the legislature is looking to swap out the 12% property tax program with a temporary takeover of county social services (which accounts for 6-7% of the property tax formula.
Senate Guts Property Tax Reform Bill
Also yesterday, the Senate gutted House Bill 1361 which would have put limits on local government's ability to increase your property taxes without a vote of local residents. Combined with the actions in Senate Bill 2206, this will guarantee property taxes will go up higher and…
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