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Senate Bill 1 will reshape Monroe County revenue picture, county financial adviser warns
Summary
A financial adviser told Monroe County's Long Term Finance Planning Committee that Senate Bill 1 will reduce assessed values, change homestead relief and personal property rules, and shift emphasis to income-tax growth as a revenue source; many details remain subject to change before implementation in 2026'27.
Chair Jennifer Crossley called the Long Term Finance Planning Committee to order April 24 and invited a presentation on Senate Bill 1. Greg Garrattas, president of Financial Solutions Group, told the committee that the legislation would significantly change property-tax treatment, personal-property valuation, and local income taxes.
Garrattas said the bill phases in changes to the homestead deduction between 2026 and 2031 and converts some homeowner relief to a credit. "Every number you see or every comment you hear today is as of 04/24 11AM," he said, and cautioned that the Department of Local Government Finance (DLGF) and other legislative actions were still active. He explained the credit would operate as a dollar reduction on the tax bill (for example, the "$300 or 10%…
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