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Committee advances foundation formula framework, homestead exemption and new property classification study
Summary
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.
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.
The draft sets a base amount of $15,033 per pupil and converts future per-pupil funding to an Educational Opportunity Payment (EOP) equal to the base multiplied by weighted long-term membership. Weights would include special education categories, tiered English-learner weights, and a new pre-K weight of negative 0.54 that appears in the draft’s weights table. The bill requires periodic reevaluation of inputs to the foundation formula and calls…
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