Committee advances amended plan to phase down school mill levy while increasing residential exemption
An amendment to House Bill 20-11 keeps the statewide school mill levy at 20 mills for one year, immediately raises the residential homestead exemption from $75,000 to $100,000, then gradually lowers the mill levy with a 3% growth cap; the Department of Revenue estimated multi-year reductions to the State School District Finance Fund (FY27–FY31).
The full story
The committee reconsidered House Bill 20-11, which seeks to reduce the statewide ad valorem tax rate levied for school districts from 20 mills to 18.5 mills. The chair presented an amendment that delays the initial mill-levy reduction: the statewide levy would remain at 20 mills for the first year, the residential exemption would increase from $75,000 to $100,000 immediately, and the levy would then stair-step down over subsequent years using a growth-adjusted formula that permits up to a 3% adjustment so the levy does not rise if assessed valuations decline.
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