Category: Economy, Budget and Taxes, Education
HB 680 (2015) establishing a homestead exemption for resident homeowners.
House/Senate Bill: House
Description: Makes various changes to the laws governing the statewide education property tax. In particular, this bill establishes the rate of the statewide education tax at $8 per 1,000 of the value of taxable property and transfers the authority to collect the education property tax from the municipalities to the Department of Revenue Administration. This bill establishes a homestead exemption from the education property tax for the first $250,000 of assessed value of homestead property. The bill also requires an annual transfer of $150,000,000 from the education trust fund to the general fund.
Bill Sponsor: Gilman Shattuck
Bill Co Sponsor: Click the "Link to Full Bill" for information
Next Hearing Date: Fri, 02/20/2015
Next Voting Date: Wed, 03/11/2015