House bill would create homestead exemption and tiered residential rates to reduce bills for lower‑value properties

Summary

Representative Mark Thane told the House Taxation Committee that House Bill 155 would create a $50,000 homestead exemption and a graduated rate for class 4 residential property, plus a $200,000 exemption for class 4 commercial property, aiming to reduce property tax bills for low‑ and middle‑value properties after recent reappraisals.

Representative Mark Thane presented House Bill 155 to the House Taxation Committee, proposing a two‑part property tax reform: a homestead exemption for the first $50,000 of residential market value and a graduated tax rate for class 4 residential property, plus a $200,000 exemption for part of class 4 commercial property. The bill text shows a tiered rate schedule for residential value slices and treats certain multifamily or high‑value multifamily properties differently, the sponsor said.

Sponsor's examples and intent: Thane walked the committee through examples on a $750,000 residential home and a $750,000 class 4 commercial property. Under his example, the proposed graduated rates would lower the taxable value on the $750,000 residential property from $10,125 (current calculation) to $7,625, reducing a…

House bill would create homestead exemption and tiered residential rates to reduce bills for lower‑value properties

Summary

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