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Committee on Taxation reviews Senate Bill 82 setting 3% property tax cap and Astra Fund distribution
Summary
At a meeting of the Committee on Taxation, members reviewed the provisions of Senate Bill 82, a measure that would limit annual property tax revenue growth and create a $60,000,000 Astra Fund to provide transfers to taxing jurisdictions.
At a meeting of the Committee on Taxation, members reviewed the provisions of Senate Bill 82, a measure that would limit annual property tax revenue growth and create a $60,000,000 Astra Fund to provide transfers to taxing jurisdictions.
The bill would set a property tax funding limit equal to the lesser of 3% (plus growth from new construction) or a formula tied to a regional consumer price index plus new-construction growth and bond increases. Local governing bodies could exceed that limit only by a supermajority vote; "it should be 80% or more," a committee reviser said. The proposal also creates a $60 million Astra Fund whose transfers to counties would be reduced depending on whether a county…
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