Freeman sharpens pencil on property tax reform idea
State Rep. Mary Lou Freeman is still working through a new Republican property tax plan, but she's eager to hear public input on the proposed system presented this week.
"I'm very anxious to get some feedback from local officials and see what they think," she said.
The proposal would scrap property assessments in favor of a property tax system that sets value based on square footage and market value.
Under the new system, the purchase price of a house is divided by the square footage of the house to yield a value per square foot. That number is multiplied by a tax rate set by the local government to yield a tax bill.
A county-by-county value is set for land, and that's added in to calculate the tax on the lot. The lot size multiplied by the county land rate calculates the land portion of the tax.
A press conference was held Thursday to announce the new proposal, though Freeman and many of her peers were still in session and haven't had an opportunity to fully discuss on the subject.
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