Homestead Exemption Bills Up in Senate Appropriations Committee Thursday

CS/HJR 7017 (Buchanan) and CS/HB 7019 (Buchanan) relating to the indexing of the homestead exemption will be heard by the Senate Appropriations Committee on Thursday, February 22, at 12:00 p.m.

The bills:

• Reduce taxable valuations on homesteaded properties by increasing the exemption tied to the Consumer Price Index (CPI).
• Are a tax shift away from homestead property owners to businesses and renters, not a tax cut.
• Will have disproportionate impacts, particularly with small, hometown cities that have little to no commercial properties because their tax base is predominately homestead.
• Create uncertainty year to year for local governments and residents alike by tying exemption to the CPI.

The League opposes these bills.

Please contact members of the Committee and ask them to VOTE NO on CS/HJR 7017 and CS/HB 7019. Let members know the fiscal impact these bills will have on your municipality by using your local data to paint this picture.

Click here for the Senate Appropriations Committee contact information.

The League has sent a letter to Senator Doug Broxson regarding our issues with the legislation. Click here to view the letter.

Please contact Charles Chapman with any questions.