Missoula County opposes SB 394: Revise capital gains and provide property tax relief, up for hearing tomorrow morning in the Senate Taxation Committee. Missoula County, like most counties around Montana, has seen a steady increase in property taxes tied directly to increased demands for services and rising property tax values. While the County weighs every tax increase carefully and attempts to maintain affordability, the current housing demand and rising home values continue to make this a difficult balance. SB 394 will reduce the increases seen by those on fixed incomes, helping to ensure their ability to maintain their home; however, the methodology of using capital gains taxes causes us concern. SB 394 as drafted would allow people making $1 million a year to take twice the current tax deduction, thus straining the already strained state budget, leading to the potential for additional funding cuts to existing and essential services provided for by the state but delivered at the local level. We believe property tax relief is important, but a different funding source is needed.
Senator O’Brien,
ReplyDeleteMissoula County opposes SB 394: Revise capital gains and provide property tax relief, up for hearing tomorrow morning in the Senate Taxation Committee. Missoula County, like most counties around Montana, has seen a steady increase in property taxes tied directly to increased demands for services and rising property tax values. While the County weighs every tax increase carefully and attempts to maintain affordability, the current housing demand and rising home values continue to make this a difficult balance. SB 394 will reduce the increases seen by those on fixed incomes, helping to ensure their ability to maintain their home; however, the methodology of using capital gains taxes causes us concern. SB 394 as drafted would allow people making $1 million a year to take twice the current tax deduction, thus straining the already strained state budget, leading to the potential for additional funding cuts to existing and essential services provided for by the state but delivered at the local level. We believe property tax relief is important, but a different funding source is needed.
Please oppose SB 394.