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Property Tax Relief: The Devil’s in the Details

Property Tax Relief: The Devil’s in the Details. Karen Miller, Executive Director, Pennsylvania Economy League's State Office. www.IssuesPA.net. Property Tax Relief:. Gambling Toward Tax Reform – articles on www.IssuesPA.net Slots and Property Tax Reduction: Unfinished Business

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Property Tax Relief: The Devil’s in the Details

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  1. Property Tax Relief: The Devil’s in the Details Karen Miller, Executive Director, Pennsylvania Economy League's State Office

  2. www.IssuesPA.net

  3. Property Tax Relief: • Gambling Toward Tax Reform – articles on www.IssuesPA.net • Slots and Property Tax Reduction: Unfinished Business • In the Game to Win • Putting a Billion Dollars in Perspective • In the Mix • Gambling in Other States

  4. Property Tax Relief: There’s a reason why – after decades – it’s still not a reality: The Devil’s in the Details.

  5. Property Tax Relief: The Formula PI/ADM + MV/PI + STR + EM x ADM x NF 1,000 IF < MIN % RELIEF, ADD $$ IF > MAX % RELIEF, SUBTRACT $$ DIVIDE BY # QUALIFIED HOMES AND FARMS IF NECESSARY, ADJUST FOR HOMESTEAD EXEMPTION LIMIT = PROPERTY TAX RELIEF?

  6. Property Tax Relief: $5:$1 • Goal: $5 State Gambling Revenue for every $1 Increase in local Earned Income Tax • Minimum: less than $1 • Average: $3.79 • Maximum: $13.51 • Based on $600 million in gambling revenues

  7. www.IssuesPA.net

  8. Property Tax Relief: Minimums and Maximums • $63 million in state gambling revenues to boost school districts to minimum guarantee (10%) • $13 million would not be distributed because of maximum limits (40%) • Based on $600 million in gambling revenues

  9. Reading Based on formula $7.2 million After maximum limit $5.3 million Lower Merion Based on formula $55,190 total After minimum guarantee $7.3 million Property Tax Relief: A Tale of Two Districts • Based on $600 million in gambling revenues

  10. Property Tax Relief: Per Student • Based on $600 million in gambling revenues

  11. Reading Based on formula $503 per student $7.2 million After maximum limit $370 per student $5.3 million Lower Merion Based on formula $8.37 per student $55,190 total After minimum guarantee $1,111 per student $7.3 million Property Tax Relief: A Tale of Two Districts • Based on $600 million in gambling revenues

  12. Property Tax Relief: Change in the State Share • Based on $600 million in gambling revenues

  13. Property Tax Relief: The Devil’s also in the Winners and Losers.

  14. Property Tax Relief: Still under discussion • Referenda – control and accountability for school directors • Minimum and maximum levels of property tax relief • Whether to require local income tax increase • Level of gambling revenues required • The who, where and how’s of the slots part of this package, and more…

  15. Property Tax Relief: Still under discussion • Referenda – control and accountability for school directors • Minimum and maximum levels of property tax relief • Whether to require local income tax increase • Level of gambling revenues required • The who, where and how’s of the slots part of this package, and more…

  16. www.IssuesPA.net

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