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Committee advances property‑tax bill to let counties lower rates, limits income approach for rentals
Summary
The Senate Revenue and Taxation Committee unanimously recommended first substitute Senate Bill 295, which aims to let counties reduce property‑tax rates more freely for five years, bars county assessors from using the income approach to value rental properties, and directs MCAT revenue to local government associations that manage the trust.
The Senate Revenue and Taxation Committee voted to recommend first substitute Senate Bill 295 to the floor. Senator Dan McKay, presenting the bill, said it responds to county concerns about revenue volatility, property‑tax rate adjustments and multi‑county appraisal trust (MCAT) funding.
Senator McKay told the committee the measure has three main elements: it creates temporary…
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