Bill would specify school property tax relief amounts by tax year

The state would provide at least the listed statewide amounts for school property tax relief. The schedule covers tax years 2024 through 2029, with formulas for 2030 and later tax years. Relief would appear as credits on property tax statements and would reduce taxes owed to school districts. For 2030, the text adds $75 million to the prior year's minimum after an assessed-value adjustment. For 2031 and later years, the text refers to an assessed-value adjustment and a three-percent increase, but the supplied wording is unclear because it reads both “2031” and “2030.” The listed amounts apply to tax years 2024 through 2029, and the formulas apply beginning with tax year 2030 or 2031 as described in the text.

The state would add transferred money to the minimum relief amount for the tax year when the transfer occurs. The rule applies when money is transferred to the School District Property Tax Relief Credit Fund under the cited statute. If no transfer occurs during a tax year, the listed minimum would be the total relief amount for that year. The money would be distributed through county property tax credits. The added amount would apply to the tax year in which the fund transfer occurs.