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<br />• During the 1991 legislative session, the General Assembly, facing a $1.2 Billion budget <br />shortfall, `'froze'' the reimbursement level at the 1990 ($8 million) dollar figure. In the <br />~~ears since, the exclusion has been raised twice and the income threshold once with only <br />limited increase in the reimbursement. <br />Below is a table showing the value of excluded property, the income threshold and the <br />revenue loss (local/state) on a year by year basis. <br /> Property Income Revenue LocaVState <br />Year Excluded Threshold Loss Share(Million) <br />1990 $12,000 $11,000 $16M $8/$8 <br />1991 $12,000 $11,000 $16M $8/$8 Frozen <br />1992 $12,000 $11,000 $16M $8/$8 Frozen <br />1993 $1 ~,000(eff 1994) $11,000 $20M $12/$8 Frozen <br />1994 $1 x,000 $11,000 $20M $12/$8 Frozen <br />1995 $1,000 . $11,000 $20M $12/$8 Frozen <br />1996 $20,000(eff 1997) $1 x,000 $26M $1 ~/$11 <br />1997 $20,000 $1 x,000 $26M $18/$8 <br />*local governments were reimbursed for half of the loss ($6 million) resulting from the <br />1996 increases; but for one year only. <br />ACTION REQUESTED: <br />The Board is asked to take a position on proposals to expand the Homestead Exemption. <br />It is recommended that the Association support increases to $2,000 in the amount of the <br />exclusion as well as the income threshold; provided that the state reimburses local <br />Qovernments for half of all revenues lost because of the Homestead Exemption. <br />G-fv~a Q z~~o <br />~l ~"l~ ~-G-a~.,.--y <br />~~ ~'aS ~P9 ~i•~- <br />a~~ <br />7 <br />