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House Taxation Committee advances Senate Bill 542 with $400 rebate and new property-rate structure
Summary
The House Taxation Committee approved Senate Bill 542 as amended, adding a $400 rebate for 2025 (for 2024 taxes paid), moving the agricultural rate to 2.05% and establishing tiered residential rates; the bill passed out of committee 21–0.
Senate Bill 542, a broad property-tax bill carrying multiple amendments, passed the House Taxation Committee on a 21–0 vote after the committee adopted several amendments that reshape rates and add a short-term rebate.
Miss Moore, the amendment sponsor, summarized the key provisions at committee: "this amendment includes a $400 rebate in tax year 2025 for 2024 taxes paid. It moves the agricultural property tax rate to 2.05% beginning in tax year 2025. For residential property in 2025, it has a rate structure similar to that of House Bill 155, except that it starts at .076% and goes up to 2.2%." Her explanation also said the bill includes a charter fixed-levy provision to allow certain local entities to retain revenue.
Committee members…
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