Committee advances change to equalization millage threshold, lowers trigger from 14 to 10 mills
A proposal to lower the local millage threshold tied to state equalization from 14 mills to 10 mills and to add a penalty for jurisdictions that fall below the new threshold passed the subcommittee and will move to full committee.
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Representative Cannon presented a substitute for House Bill 12 (LC492215S) to change the minimum millage threshold used in the school-equalization formula. Cannon said the 2019 law set a 14-mill local threshold for jurisdictions receiving equalization. With recent increases in property assessments, some local governments want to roll back millage rates but feared losing equalization funds. The substitute would lower the threshold to 10 mills and add a penalty provision: jurisdictions that drop below the 10-mill threshold would forfeit 25% of their equalization allocation.
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