Committee advances foundation formula framework, homestead exemption and new property classification study
Conference committee guidance on H.454 circulated June 13 proposes a $15,033 per-pupil base, new weights (including a pre-K weight), a phased cap on supplemental district spending, replacement of the property tax credit with a homestead exemption capped at the first $425,000 of homestead site value, and creation of a new nonhomestead-residential tax classification.
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Members of the conference committee walked through the finance and tax components of H.454 on June 13, presenting a consolidated draft that sets the base education amount, weights, transition rules and a redesigned property tax relief system.
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