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Comptroller warns proposed constitutional amendment could shrink local property tax revenue
Summary
Comptroller Mike Hutchens told the Pulaski County budget committee that SJR 15/Senate Bill 647 — a proposed constitutional amendment creating economic development districts — could reduce property tax collections for counties and schools and urged members to study the fiscal impact statement before November.
Comptroller Mike Hutchens told Pulaski County’s budget committee that SJR 15 (also referred to in discussion as Senate Bill 647 or "Issue 3") would create economic development districts with the ability to levy taxes and could exempt property in those districts from county property tax except for taxes levied by the districts themselves.
“Local tax entities will see a decrease in property tax collections,”…
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