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JFO presents yield models; committee debates buy-downs, reserves and property tax-credit options
Summary
The Joint Fiscal Office presented a range of yield-bill scenarios that include a proposed $77.2 million one-time general-fund transfer to the Education Fund. Committee members debated whether to use the money to buy down rates now, boost the property tax credit, or place funds in a transition reserve to offset future risks.
Julia Richter of the Joint Fiscal Office presented multiple scenarios for setting the homestead and non-homestead yields and solving for a uniform average bill change under different assumptions.
Richter described a baseline model and several alternatives that factor in a $77.2 million one-time general fund transfer the governor recommended. Under different allocations of that transfer, the JFO models estimated a range of uniform average bill changes: one scenario with the full transfer produced an estimated 1.1 percent uniform average bill change; another scenario holding homestead and income average bill change to 0 percent produced a transition reserve; a half-buydown scenario…
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