HB 4433 by Anchia: Encouraging an Inequitable Tax System

HB 4433 seeks to provide cities and counties with an optional program to support longtime “legacy” homeowners in designated reinvestment zone. Ultimately, HB 4433 would allow a board to dedicate, pledge, or provide the use of money in a tax increment fund to prevent homeowner displacement by providing annual payments on behalf of the legacy homeowner to offset the increase in property taxes imposed on the residence homesteads of those homeowners. A “legacy” homeowner is defined in HB 4433 as someone who is the owner of a residence homestead located in a reinvestment zone and who has continuously resided in the property for at least 7 years. Ultimately this will create exemptions and special classes that end up making the tax system inequitable. Taxes should be lowered for all equally and governments should avoid picking winners and losers. TFR opposes HB 4433.