Compromise on Property Tax Reform Alludes Legislature

Although the state House and Senate have each passed separate versions of property tax reform legislation, they have yet to reach a final compromise.

For its part, the House passed a plan before the holiday recess which expands the sales tax, increases the personal income tax, and increases the property tax and rent rebate program.

Meanwhile, the Senate has passed two versions of property tax reform. The most recent plan was passed on February 6 and provides for an expansion of the property tax and rent rebate program, increases earned income taxes, and would enact installment payments for local school property taxes.

In all, more than 100 pieces of legislation addressing the issue of property tax reform have been introduced during the special session. Additional information on the proposals that have passed the House and Senate is available on the PAR Web site at www.parealtor.org.