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Committee narrows toward homestead exemption; staff models two options and cost tradeoffs
Summary
The Joint Fiscal Office presented two homestead‑exemption structures (A and B), including a $400,000 house‑value cap scenario; staff estimated significant cost differences relative to current income‑sensitivity rules and the House proposal, and senators sought changes to concentrate relief at lower incomes.
Legislative staff presented two alternative homestead‑exemption structures and preliminary cost estimates, and senators asked staff to rework step sizes and caps to better target lower‑income households.
Julia Reichert, Joint Fiscal Office, described two iterations labeled A and B and the committee’s modeling assumptions: the staff compared each homestead exemption to FY25 net education property tax bills and used the same filer groups and property‑value bands previously used in session work.
The nut graf: the committee asked staff to keep the homestead exemption approach but to return with versions that increase relief at the lowest income bands and…
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