TAXATION – Amends and adds to existing law to expand the homestead property tax exemption, to increase the sales tax rate, and to direct sales tax revenue to taxing districts to replace property tax revenue lost from the homestead exemption expansion.

Summary

The bill would increase the amount of a home’s market value that is exempt from property tax and raise the state sales tax from 6% to 8%. A new fund would receive a fixed share of the higher sales‑tax revenue and distribute it to counties to make up for the property‑tax revenue they lose because of the larger exemption. It also creates a homeowner tax‑relief account and sets reporting and calculation rules for the replacement payments.

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