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House Passes Bill to Reform Commercial Property Taxes
Posted By Community On @ 6:28 am In Today's Local News | Comments Disabled
As previously reported, lawmakers are looking at reducing the percent of taxes collected from commercial properties from 100 to 40%. On Tuesday, the House has passed the bill to lower the commercial property tax, but the Senate Democratic Leader says the bill won’t get the support of the Senate’s Democratic majority. He says it’s just a shift of $310 million from commercial property taxes to residential taxes. Both Representative Jarad Klein and Senator Sandy Greiner say they would like to see commercial property tax reform, but worry how cities and towns will be able to maintain their funding.
But County Treasurer Jeff Garrett says that it would likely cause taxes to be collected from somewhere else, a sentiment shared by many of the Senate’s Democrats. KCII will continue to follow this bill and bring you more information as it becomes official.
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