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State Senate Finance Committee Takes Up Property Tax Reform

October 16, 2013

Outlining a 50-page report for the state Senate Finance Committee, the Independent Fiscal Office stressed this week that a plan to eliminate school property taxes and replace them with expanded sales taxes and increased income taxes would not keep the state on pace with current revenue collections.

The information was handed down to lawmakers who are continuing to work on a property tax reform plan that would provide enough money for schools while still giving homeowners enough relief.

Some on the committee say they are concerned about proposed tax shifts.

The current plan being evaluated would only eliminate property taxes related to new debt.

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