LD 1234 LR 668(02)
An Act To Expand the Value of the Homestead Exemption to $25,000 and State Reimbursement to 100 Percent of Lost Property Tax Revenue
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Taxation
Fiscal Note Required: Yes
Fiscal Note
FY 2019-20 FY 2020-21 Projections  FY 2021-22 Projections  FY 2022-23
Net Cost (Savings)
General Fund $0 $20,580,000 $27,590,000 $27,780,000
General Fund $0 $20,580,000 $27,590,000 $27,780,000
Fiscal Detail and Notes
The bill includes a General Fund appropriation to the Department of Administrative and Financial Services of $20,580,000 in fiscal year 2020-21 to increase the homestead property tax exemption from $20,000 to $25,000 and to increase the reimbursement to municipalities from 62.5% to 70%.