Student Opportunity Gaps

MREA Map Shows Impact of House Omnibus Bill

By April 12, 2013 No Comments

MREA released a map today showing the tax relief and equalization in HF 630. A thumbnail is below. View the interactive map.

HF 630 replaces $28 million in Operating Referendum Levies with State Equalization dollars:Map_HF 630

  • Creates Referendum Market Value Equalization Factor (RMVEF)
  • RMVEF will float with state total RMV value and state total PU’s so it maintains somewhat close to current tax effort adjusting for changes in property value and student population
  • RMVEF estimated to be $431,150.
  • Raises Tier 1 Equalization Factor to 122% of RMVEF. That’s an 11% increase from the from current $476,000.
  • Raises Tier 2 Equalization Factor to 66% of RMVEF. That’s a 5% increase from the current $270,000.

HF 630 Tax Impact on Homeowners

  • Provides homeowners in the 249 school districts with voter approved operating referendums tax relief which also have less than $526,000 in RMV/PU.
  • Provides the greatest tax relief up to $39.75 for $150,000 homes in districts with less than $270,000 in RMV/PU with referendums of $700 or more
  • Provides 50% of that relief ($21.00 for $150,000 homes) for homes in school districts with more than $270,000 in RMV/PU with referendums of $700 or more