Establishes a state general levy for residential homestead property and modifies the city aid formula.
This bill establishes a state general levy for residential homestead property, setting specific amounts for commercial-industrial and seasonal residential recreational properties. It also modifies the city aid formula, ensuring cities receive aid based on their unmet need or previous year's certified aid. The changes apply to property taxes payable in 2027 and thereafter.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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