Senate panel hears split testimony on bill to standardize REIT II authority for GMA cities
A Senate committee heard competing testimony on SB 6,211 to let voluntarily planning Growth Management Act cities impose REIT II without a voter proposition. Cities and counties said it levels the playing field; realtors and taxpayers warned it removes a voter check and could raise closing costs.
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A state Senate committee on local government heard spirited, divided testimony on a bill to let cities and counties that voluntarily plan under the Growth Management Act impose the second-tier local real estate excise tax, known as REIT II, without first submitting the measure to voters.
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