Legislature mulls closeout budget with tax title delay

Looking to close the books on fiscal 2024, both the House and Senate have passed fiscal 2024 closeout supplemental budgets that include several provisions of note to municipalities.

While differences remain on the bottom line of the two bills, as well as the funding sources to be used, there is agreement on an appropriation to address municipal tax abatement reimbursements for veterans, widows, blind persons and the elderly. Both bills include $11.1 million fiscal 2025 payments to municipalities. If the funding is approved, the Division of Local Services will issue accounting guidance.

The Senate bill proposes a new effective date for changes to the tax title foreclosure process that were included in the fiscal 2025 state budget law. The effective date would be pushed from Nov. 1 of this year to July 1, 2025, to coincide with the beginning of the next fiscal year.

The earliest a compromise bill could reach the governor for consideration is Monday, Nov. 4, when both chambers will gavel in for informal sessions.