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Panel advances S 125 to adjust property-tax exemption for nonprofit low-income housing
Summary
The Senate Finance Committee advanced S 125, a bill to change the current 100% property-tax exemption for nonprofit low-income housing into a graduated exemption tied to ownership or investment percentage, with annual reporting to the Department of Revenue.
The Senate Finance Committee reported favorably on S 125, a bill aimed at recalibrating the property-tax exemption for nonprofit low-income housing.
Senator Verdon, subcommittee chair, told members the bill seeks to restore a "sweet spot" that better incentivizes development of affordable housing without removing excessive parcels from local tax rolls. Under current practice, the transcript shows nonprofits may claim a 100% exemption…
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