Over the last few weeks, we’ve seen three bills introduced related to property taxes and local government budgets: Senate Bills 1021 and 1048 and House Bill 73. We’re likely to see new bills introduced over the next two weeks. I want to express my appreciation for your attentiveness in reviewing the proposals, letting IAC know of the impacts on your county, and your diligence in reaching out to your legislators to discuss how the bills affect your county. As a result of those efforts, there is a recalibration occurring at the legislature.
Senate Bill 1048 was originally estimated to be heard in committee this week. In talking with Chairman Rice, the earliest the bill will be heard is next week. A new alternative has emerged, and legislators would like to give time for the idea to take shape. While nothing formal has been drafted, the concept is as follows:
On the surface, the framework provides much more flexibility for local governments as counties would retain the ability to exceed the current 3% cap (or the proposed 4% cap in Senate Bill 1048). IAC is developing a spreadsheet to analyze the overall fiscal impact with counties and will share the analysis once completed. Pay attention to your inbox as more information will be forthcoming.