HF 3082 Summary

• Modifies school district basic revenue formula allowances: $5,124 for fiscal year 2010, $4,659 for 2011, and $4,785 for 2012 and subsequent years.

• Adjusts residential homestead property tax credit from 0.4 percent to 0.35 percent of first $76,000 of market value and reduces rate on excess value from 0.09 to 0.121 percent.

• Reduces agricultural homestead market value credit rate from 0.3 to 0.24 percent on first $115,000 of value and from 0.05 to 0.04 percent on excess, with maximum reduction lowered from $115 to $92.

• Implements aid and credit reductions for fiscal year 2010 affecting cities (7.4525%), counties (2.452%), towns (4.15%), and special taxing districts (5%).

• Reduces fiscal year 2011 general fund appropriations by over $1.1 billion across multiple departments and appropriates $6.727 million for Department of Revenue tax compliance activities.