The house proposal has been tabled, therefore, we are now on another proposal by Sen. Larry Grooms. Keep in mind that there will be winners and losers in all property tax reform proposals. When the homeowner is the winner, I’m all ears!
Groom Broom II
Below are the highlights:
All state funds go directly to local school districts then they fund state department as they see fit. Instead of local schools begging for money, the State Department would have to beg the districts for money.
Establishes the School Trust Fund and distributes its proceeds to all school districts on a weighted pupil basis. Removes Local School Operation Property Taxes off all classes of property except for school districts eligible for the hold harmless provision of this amendment.
Substitution taxes for local school operation taxes are derived from:-2 cent increase in the state sales and use tax-Deed recording fee increase equal to the existing deed recording fee-Redirects inventory tax and manufacturer’s depreciation tax reimbursements to the School Trust Fund-Creates statewide property tax of 75 mills for all classes of property except owner occupied homes