House yield bill H.491 would cut projected K‑12 property tax increase to 1.1% using one‑time transfers

Summary

Lawmakers walked through H.491, the statewide education property tax ‘yield’ bill, which sets per‑pupil yields and uses a proposed $77 million one‑time general‑fund transfer plus $41 million in prior‑year unreserved Education Fund balance to reduce an initially projected 5.9% average increase to about 1.1%.

Representative Kimball, a member of the House Ways and Means Committee, told the Senate Finance Committee that H.491 sets the statewide education property tax yields for fiscal 2026 and would lower the projected average property tax increase from 5.9% to 1.1% by using one‑time resources.

The bill sets the property dollar‑equivalent yield at $8,596 per pupil and the income dollar‑equivalent yield at $12,172, and establishes a uniform non‑homestead property‑tax rate of $1.07 (reported in committee as $1.07 and $0.03 for 100 equalized value in the transcript). Representative Kimball said the plan assumes a $77 million one‑time general‑fund transfer plus approximately $41 million in prior‑year unreserved Education Fund balances to buy down rates.

Why it matters: The yields and rates in H.491 determine how much…

House yield bill H.491 would cut projected K‑12 property tax increase to 1.1% using one‑time transfers

Summary

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