A House-Senate conference committee has approved a tax package that reduces income and property taxes – plus expands the homestead tax program.
The bill sets up three income brackets and eliminates the tax for those earning less than $44,725 dollars. The next highest bracket would pay 1.95 percent…and the top bracket would pay 2.5 percent
Property owners would also be able to claim a $500 dollar credit on primary residences beginning in 2024. It does not lower property taxes through a mill rate buydown for local schools.
The bill carries a budget impact of $515 million dollars.
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