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Appropriators approve short-term 50% residential property tax relief with $1M cap and proposed backfill
Summary
House Bill 169, which would provide a two-year 50% residential property tax reduction with a $1,000,000 fair-market-value cap and specified backfill amounts, passed the committee 6–1 after debate about effects on school funding and the Legislative Stabilization Reserve Account (LISRA).
The House Appropriations Committee voted to pass House Bill 169, a measure proposing a short-term 50% reduction in residential property tax assessment for properties with a fair-market-value cap of $1,000,000, by a 6–1 roll call vote. Representative Sherwood cast the lone no vote and explained it reflected constituent concerns about preserving stable school funding.
Chairman Locke, the bill sponsor, described the proposal as short-term relief intended to align in structure with a ballot initiative but not to conflict with the will of the voters. "My intent with this bill, this is of course short term relief and, it is structured, I would say somewhat like the ballot initiative but not directly like the ballot initiative. And I was very intentional…
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