With less than three days left in the legislative session, leading Republicans and Democrats have reached a deal on a property tax bill . While your tax bill will still increase, the bill will soften the blow.
It continues the temporary reduction for 2023 for another year and then sets new rates and exemptions that bill sponsors say are permanent starting in January 2026.
“We’re talking about a huge property tax cut for property owners without crippling our state budget,” says Republican state Sen. Barb Kirkmeyer.
She and Democratic state Sen. Chris Hansen were among those involved in marathon negotiations on the bill.
“We are going to make sure our schools are funded. We are going to make sure we have a sustainable path forward,” he said.
Under the bill, the commercial tax rate would drop to 25% over three years.
There would be two residential rates. For schools — where about 40% of property taxes are paid — it would increase to 7.15%. For other local governments, it would be 6.95%.