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Porter Township School Corporation

Porter Township School Corporation. Financial Moment January 2014. Budget Summary as Approved. Pending Legislation. Governor’s Plan: Elimination of personal property assessment Elimination of the 30% valuation floor for personal property SB (as of 1/14/14): Cut income taxes to business

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Porter Township School Corporation

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  1. Porter Township School Corporation Financial Moment January 2014

  2. Budget Summary as Approved

  3. Pending Legislation • Governor’s Plan: • Elimination of personal property assessment • Elimination of the 30% valuation floor for personal property • SB (as of 1/14/14): • Cut income taxes to business • HB 1001 (as of 1/14/14): • Tax exemption only on new business • Provide each county authority to grant the exemption or not

  4. Worst Case Scenario for PTSC

  5. Relief to PTSC • Loss of Assessed Value in business personal property would result in: • PTSC advertising a higher rate to generate dollars needed • Increase in tax rates for homeowners, owners of rental properties, and farms • The increase in rate (and continued increase) will push Porter Township closer to the tax caps • This will shift the tax burden due to the tax break in business personal property to homeowners, owners of rental properties, and farmers Without the replacement of revenue any proposal is harmful

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