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Baker Tilly warns Boone County to plan for state tax restructuring and potential revenue shifts
Summary
County financial consultant Baker Tilly previewed an updated comprehensive financial plan (CFP) and summarized recent state legislation that will change local income tax structure, homestead deductions and levy processes; the county was advised to expect revenue uncertainty and to work with consultants ahead of the 2027–2028 transitions.
Baker Tilly presented a preliminary update to Boone County’s comprehensive financial plan and outlined how recent state legislation will change local revenues and budgeting processes for the county.
The briefing matters because state changes to property-tax deductions, maximum levy growth rules and the redesign of local income tax (LIT) collections will shift how revenues are raised and allocated beginning in 2027–2028. Susan Cowan, senior manager at Baker Tilly, told the council the firm is using legislative-services estimates for now and is building an in-house model to produce more precise Boone County projections.
Cowan said the county should expect the following key changes: the maximum levy-growth cap is set at 4% for 2026 but may revert to prior calculations afterward; homestead and other property tax deductions were changed in recent sessions and will step differently over the next…
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