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House committee debates bill eliminating tax break for apartments
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The elimination of a property tax break for apartment owners would lead to higher rents and force some owners out of business, representatives of the rental industry told a committee of state lawmakers Tuesday. But supporters of legislation to wipe out the tax break countered that the potential effect on rents is unclear, that property taxes would decline for some apartment owners and homeowners, and that the bill would encourage development of new rental housing. “There will be some winners and losers here, but overall it will be a fairer system and more rational system” for levying property taxes, said Mike Loftin, CEO of Homewise, a Santa Fe nonprofit that works to get families in affordable homes. The House Local Government, Land Grants and Cultural Affairs Committee didn’t act on the legislation, House Bill 647. The committee is scheduled to resume consideration of the bill Thursday morning.