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Senate advances sweeping tax-revenue bill that would limit reserves and tighten residential exemptions
Summary
Senate debate on SB97 focused on limits to local reserve funds, a proposal to limit residential property-tax exemptions to one primary residence per household, and new rules on certified tax-rate calculations. Sponsor said changes curb surplus accumulation; critics warned about impacts to small school districts and bonding.
Senator McKay presented a broad tax-revenue bill (First Substitute Senate Bill 97) on Feb. 10 that would alter local-government reserve rules, limit certain residential property-tax exemptions and tweak several calculations used in setting property-tax rates.
Key provisions the sponsor described include reducing the allowable accumulation of reserve funds in local general funds (a rollback from prior higher caps to 25 percent), limiting the residential property-tax exemption to one primary residence per household, creating a rebuttable presumption that business-owned…
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