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House Rules Committee approves rule substitute to roll down taxable home value to 10%
Summary
The House Rules Committee approved a rule substitute on March 3 to roll the taxable value of owner‑occupied homes from 40% to 10% over a 10‑year phase‑in, include a disabled‑veteran homestead exemption, and create sales‑tax and grant mechanisms to backfill local revenues; members pressed for school funding analysis.
The House Rules Committee on March 3 approved a rule substitute that would begin reducing the taxable value of owner‑occupied homes from 40% to 10% over a 10‑year period, Chairman Blackman said.
"It reduces the taxable value from 40% down to 10%," Chairman Blackman said as he described the measure, which he said includes a disabled‑veteran homestead benefit under which "100% disabled veteran gets a 100% homestead exemption." He said the proposal sets up sales‑tax proceeds and a grant fund to backfill local governments for lost property‑tax revenue and ties a future excise mechanism to high‑speed…
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