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Act 73 adds a third education property class and calls for Department of Taxes report
Summary
JFO explained Act 73 creates three education property classifications (homestead; non-homestead residential; non-homestead nonresidential), moves to a uniform statewide base rate adjusted by classification factors, and charged the Department of Taxes and State Board with implementation analysis.
Julia Richter, Joint Fiscal Office staff, walked the committee through Act 73’s property-classification and tax-calculation changes. Under current law there are two education property classes (homestead and non-homestead); Act 73 establishes a third class by splitting non-homestead into non-homestead residential (intended to capture short-term rentals and similar uses) and non-homestead nonresidential (all other taxable property).
Richter…
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