Property Taxes (H.492) - May 8, 2023

Representative Beck presented the bill on the floor Monday. Major changes from the Senate involved a slightly increased average tax increase and a reduction in the tax newly-created reserve to help buffer property taxes in FY2025. In the Senate version, this fund was reduced from $22M to $13M.

Part of the reason for this change was that the Senate has allocated $1.1M dollars for I.T. Maintenance Fund and $9.1M for a cost-of-living provision in the pension fund. This year the inflation rate was over 5%, which put the retired teachers in a “little bit of a tough situation,” Beck noted.

The bottom line, he shared, is that property tax bills would increase by 4.06% (on average).

The Ways and Means Committee voted 9-2-1 in favor of recommending that the House concur with the Senate's version.

The bill passed the floor on a voice vote and will be sent to the Governor.

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