Expect a thorough discussion this session, especially in the House Property Tax Committee, on converting school capital levies tax base from Adjusted Net Tax Capacity to Referendum Market Value.
- Adjusted Net Tax Capacity (ANTC) includes all agricultural production land and seasonal and recreational property.
- Referendum Market Value (RMV) excludes agricultural land and seasonal and recreational.
MREA has connected with a series of rural members of the House GOP caucus on the ramifications of making this change without corresponding debt service or capital levy equalization. Most of them see that it would be disastrous in terms of the impact on homeowners and business property taxpayers.
The conversation will take place and MREA will be there to make sure rural students are treated fairly, not just certain classes of property, in this debate.