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Ways & Means approves draft 3.1 of yield bill to buy down average property tax bills
Summary
The Ways & Means Committee approved draft 3.1 of the yield bill on a 9-2 vote to use a one-time $77.2 million general fund transfer plus a $41 million education fund surplus to uniformly buy down average statewide education property tax bills, producing an estimated 1.1% average change in the bill.
The Ways & Means Committee voted to approve draft 3.1 of the yield bill, moving the measure out of committee on a 9-2 vote.
The motion — described during the meeting as reflecting “column E” of the education fund outlook — would use a one-time general fund transfer of $77,200,000 and the full FY2026 education fund surplus of $41,000,000 to uniformly buy down the average statewide education property tax bill. Committee staff said the modeling in column E produces an estimated 1.1% average change in the statewide education property tax bill.
Julia(Juliet) Richter, who presented the education fund outlook materials to the committee, summarized the column E model: “What we see here in…
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