Bill > HB1787

This bill modifies the statewide education property tax system in several key ways. It renames the Statewide Education Property Tax to the Uniform Statewide Education Property Tax and increases the annual revenue target from $363 million to $378 million, with an automatic 2% annual increase. The bill requires all education property tax revenues to be collected and remitted to the state treasurer for deposit into the education trust fund, rather than being retained by individual municipalities. It significantly expands the low- and moderate-income homeowners property tax relief program by increasing income eligibility limits, allowing rebates for both state and local education property taxes, and setting maximum rebate amounts of $1,100 per claimant with an aggregate annual limit of $30 million. Additionally, the bill establishes a legislative study committee to examine the property tax relief program, including potential extensions to tenants and exploring a property tax deferral program for homeowners experiencing temporary financial hardship. The changes will take effect for taxes levied in or after the 2028 fiscal year, with the Department of Revenue Administration required to adjust income and relief thresholds annually for inflation. The bill aims to provide more comprehensive property tax relief while centralizing education tax collection at the state level.