HB1787 modifies the statewide education property tax, setting a new tax rate and adjusting relief for low- and moderate-income homeowners.

HB1787 amends the statewide education property tax by setting a new tax rate to generate $378,000,000 annually, with adjustments for inflation. It also modifies the low- and moderate-income homeowners property tax relief program, adjusting the income thresholds and maximum relief amounts. The bill establishes a committee to study the relationship between household income, property values, and property taxation, and to recommend improvements to the relief program. The changes apply to taxes levied in or after the 2028 fiscal year.

HB1787 modifies the statewide education property tax, setting a new tax rate and adjusting relief for low- and moderate-income homeowners.

HB1787 amends the statewide education property tax by setting a new tax rate to generate $378,000,000 annually, with adjustments for inflation. It also modifies the low- and moderate-income homeowners property tax relief program, adjusting the income thresholds and maximum relief amounts. The bill establishes a committee to study the relationship between household income, property values, and property taxation, and to recommend improvements to the relief program. The changes apply to taxes levied in or after the 2028 fiscal year.