LD 130 LR 29(03)
An Act to Eliminate Senior Citizen Property Tax Stabilization and Expand the Homestead Property Tax Exemption
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Taxation
Fiscal Note Required: Yes
Fiscal Note
FY 2023-24 FY 2024-25 Projections  FY 2025-26 Projections  FY 2026-27
Net Cost (Savings)
General Fund $0 $200,000 $300,000 $400,000
General Fund $0 $200,000 $300,000 $400,000
Fiscal Detail and Notes
This bill includes a General Fund appropriation to the Department of Administrative and Financial Services, Property Tax Stabilization program of $200,000 in fiscal year 2024-25 to reimburse municipalities for reduced property tax revenue resulting from the elimination of the annual application requirement for property tax stabilization.
The fiscal note does not reflect changes to the property tax stabilization program related to authorizing municipal assessors to establish a new stabilized valuation when the just value of a homestead has increased by at least $20,000. While allowing municipal assessors to increase the stabilized valuation may result in property tax revenue increases and corresponding reductions in state reimbursement for property tax revenue loss, there is not sufficient information to estimate the timing or amount of these potential impacts.