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Re: The Senate Defaults on a Foreclosure Bill
by
gsawiris
The Senate provision would deny the newly created property tax deduction to individuals living in jurisdictions that raise property tax rates, unless the rate is increased “pursuant to an equalization policy” already in effect or “as a result of any votes of the residents of such jurisdiction to increase funding for pre-school, primary, secondary, or higher education.” It is unclear what is meant by “equalization policy” in this context; the term is not being used as it usually understood in state and local finance.
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