Residential property tax replacement.

Summary

The bill eliminates the residential property tax by setting its taxable value to zero and funds the shortfall with an additional 2% sales and use tax. Collected revenue is placed in a new account and distributed to counties to offset the loss of property‑tax receipts. The tax applies to most sales starting April 1 2027, except industrial facilities during permitting and construction, and takes effect only if a constitutional amendment is approved.

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