Floyd County bill would have tied tax breaks to sales tax proceeds

The proposal would give eligible residents an exemption from Floyd County property taxes, with its amount based on local sales tax proceeds. It would cover residents with homestead property in the special district, which covers Floyd County. The proposal would need a two-thirds vote in both legislative chambers and approval by more than half of county voters to take effect. A person would generally need to apply. Someone already receiving a county homestead exemption for the same property could qualify without applying again. The exemption would cover only county taxes on property within the special district and would be added to other homestead exemptions. The exemption would apply to tax years from 2027 through 2039. The proposed 1 percent sales tax would run from January 1, 2028, through December 31, 2037.