Property tax: other; surcharge for certain properties; provide for. Creates new act. TIE BAR WITH: HB 5996'26, HB 5997'26, HB 5998'26, HB 5999'26, HB 6000'26, HB 6001'26

Summary

The bill adds a new annual surcharge on residential properties worth $1 million or more that are not the owner's primary residence. The rate rises from 2% to 5% depending on the property's value, and the money collected is placed in a special fund to offset revenue losses for schools, local governments, and state programs. The surcharge starts in the 2027 tax year and only becomes law if six related bills also pass.

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