Property Tax Abatements (H.629) - April 25, 2024

The House Ways & Means Committee walked through changes to H.629 with Legislative Counsel on Thursday morning. The bill would address a number of issues that arise from natural disasters impacting a property. For example, the rapid devaluation for tax purposes or the inability to pay property taxes or utilities because of repair costs.

Most of the Senate Changes were technical in nature and included updates to some of the definitions in the bill. The main sticking point for the Committee was around the interest rate charged for delinquent taxes and other bills. The House version charged 0.5% per month while the Senate Version charged 1%.

Representative Sims had concerns about the 12% interest (1% per month) and saw this as “an unnecessarily high rate of return” that may move markets and increase delinquent sales.

Representative Anthony agreed that the House’s version was preferable but would be a compromise at .75%. Representative Demrow proposed that they do not concur with the Senate on this section.

Representative Beck suggested “1% for what amounts to personal credit is very reasonable in today’s environment.”

Chairwoman Kornheiser told the Committee to sit on this as they were not voting today.  She wants to check in with Government Operations first, as they may be offering an amendment.

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