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JFO preliminary: prorated LUCT valuation change could lower revenue by about $900,000; affordable‑housing exemption impact unclear
Summary
Tim Burnett of the Joint Fiscal Office said reverting to an acreage‑pro rata valuation method for LUCT could reduce annual LUCT revenue by roughly $900,000, with an uncertain but likely smaller additional effect from an affordable‑housing exemption.
Tim Burnett, analyst with the Joint Fiscal Office, presented a preliminary fiscal review of House Bill H.134 and said reverting to a prorated, acreage‑based method for valuing withdrawn acreage could reduce statewide land‑use‑change tax (LUCT) revenue by roughly $900,000 under current‑withdrawal patterns.
Burnett said the JFO compared pre‑2015 valuation practices (a prorated, acreage‑based approach) with post‑2015 practice and found a substantial increase in LUCT revenue per acre after the 2015 valuation change. Using that historical difference and inflating earlier values to current dollars produced a preliminary estimate that average revenue per acre under the prorated…
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