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Officials warn Senate Bill 1 could shrink local property tax revenue; schools signal near‑term budget stress
Summary
Consultants and school leaders told the RDC that SB1—s shift toward income-tax-based distributions and new deductions/credits will materially change local revenues, potentially reducing school operating and bond funding; members asked for parcel-level analysis and closer coordination among taxing units.
Consultants briefed the commission and town officials on Senate Bill 1 (SB1) and its likely impact on local budgets, telling the group the law would reorient revenue from property taxes toward income taxes and introduce deductions and credits that reduce assessed value for many parcels.
School officials said the changes present an immediate fiscal challenge. A school district representative said the district expects a $1,000,000 reduction in locally available revenues in the…
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