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Committee advances HB1116 substitute to phase in larger homestead exemptions and create local homestead option sales tax
Summary
The Public Policy and Finance Committee passed a substitute to HB1116 (LC339873s) that phases in larger homestead exemptions between 2027 and 2031, establishes a local homestead option sales tax (LHOST), and preserves exemptions for bond-funded projects; committee passed the substitute by voice vote.
The Public Policy and Finance Committee advanced a substitute to HB1116 (LC339873s) after a presenter reviewed changes to local homestead relief, financing mechanics and ballot and distribution rules for a local homestead option sales tax (LHOST).
The presenter described a phased homestead exemption schedule in the enabling legislation: "it will phase in a homestead exemption, starting in 2027 at 10,000 from 2,000 up to 30,000 in 2029 and 60000 in 2031. Then in effective in 2032, all homestead property would be exempt after the first year of…
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