Property Tax Surcharge (H.679) - Jan 12, 2024

The House Ways & Means Committee reviewed H.679 on Friday morning with Representative Stevens, the sponsor. He recognized that changing the use of the Property Transfer Tax (PTT) is a political decision, but he feels the state needs to start addressing the housing crisis with these funds. He is proposing to create a surcharge for properties over $600k of 2.0% (an increase from 1.5%).

Chairwoman Kornheiser noted that the Committee has passed some version of this in the past and she wondered if they should decrease the lower bracket of the PTT while increasing the upper bracket.

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