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Senate Finance adopts homestead exemption plan D as placeholder, asks Tax Dept. and JFO for refinements
Summary
Senate Finance heard Joint Fiscal Office models of two homestead-exemption structures and agreed to include exemption D as a placeholder while directing the Department of Taxes and JFO to return with refinements.
Senate Finance heard detailed modeling from the Joint Fiscal Office on two homestead-exemption designs intended to produce tax-bill changes similar in cost to current income-sensitivity law for fiscal year 2025.
Julie, an analyst with the Joint Fiscal Office, presented two structures labeled "exemption C" and "exemption D." Julie told the committee that the first structure "would cost approximately 300,000 less than income sensitivity in fiscal year 20 25," and that exemption C included a flat house-site-value cap of $400,000 and a phase-out beginning near $115,000 in household income. She said exemption D "would be a…
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