The House Ways and Means committee has landed on a 4-cent increase for residential property, and an 8-cent increase for non-residential buildings like vacation homes or businesses. This would be for Fiscal Year 2015, beginning in July 2014.
The tax commissioner originally recommended a 7-cent increase to residential homes, and the committee has been working to reduce that all legislative session.
The committee was supposed to pass the property tax rate bill Tuesday afternoon, but did not. Once it does vote, the full House of Representatives will debate its recommendations.
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