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Senate Finance weighs using $52.45M reserve to buy down property taxes or hold for FY28
Summary
The committee reviewed the yield bill options: the House proposal splits a one‑time general fund transfer to lower property tax bills in FY27 and reserves $52.45M for FY28; members debated a full buy‑down this year, targeted relief, or reserving funds for next year.
The Senate Finance Committee examined competing approaches in the yield bill for distributing a one‑time general fund transfer and education fund reserves intended to affect FY27 property tax yields.
Legislative counsel John Gray told the panel the draft directs the commissioner to use half of a one‑time $104.9 million general fund transfer to lower FY27 property tax yields and to reserve $52.45 million for FY28. He said the bill instructs assumptions for the commissioner’s yield calculations and that the reserved amount is intended to offset future rate increases.
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