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Senate homestead exemption replaces property tax credit; JFO modeling shows targeted benefit at low incomes
Summary
The Senate amendment to H.454 would repeal the statewide property tax credit and create a new income‑sensitive homestead exemption with brackets, percentage exemptions and house‑site value caps; JFO modeling shows the Senate design concentrates benefits at lower incomes and values under current funding assumptions.
The Senate amendment to H.454 would repeal the statewide property tax credit (PTC) and create a new homestead property tax exemption with income brackets, phased exemption percentages and caps on the house‑site value eligible for exemption.
Julia Richter of the Joint Fiscal Office reviewed fiscal modeling for the committee and flagged a correction in a fiscal‑note table: “It should be 2,637,500 to AOE for contracted services,” she said, noting staff corrected a scrivener’s error in an earlier printout.
Under the Senate amendment, eligibility would be limited to claimants who own a homestead April 1 and have…
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