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Fayette County finance officer warns HB 581’s floating homestead could push millage rates higher
Summary
At the Jan. 9 Fayette County Board of Commissioners meeting, Finance Officer Sheryl Weinmann outlined how House Bill 581’s CPI‑based floating homestead exemption and the optional FLOST could lower taxable residential values, create upward pressure on local millage rates, and require quick local decisions about opting out and sales-tax agreements.
Finance Officer Sheryl Weinmann told the Fayette County Board of Commissioners on Jan. 9 that House Bill 581 establishes a statewide floating homestead exemption that adjusts a home’s taxable value annually by a Consumer Price Index (CPI) inflation factor rather than freezing it.
Weinmann said the change means property tax bills in 2025 will be calculated on 2024 taxable values unless a homeowner receives a different base year after a sale, and that the CPI adjustment—which the Department of Revenue will publish—will determine future taxable-value growth. She emphasized this mechanism is not a value freeze and warned it will likely put upward pressure on local millage rates over time, because residential taxable values would grow more slowly…
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