Election day is around the corner and there is a proposed amendment on the ballot which involves property tax and public education. Basically, the amendment asks voters to increase the homestead/farmstead property tax exclusion from 50% to 100%. This would allow school districts to provide up to 100% property tax relief, IF AND ONLY IF, the funds are available at the state level. Again, this is a very important point of the amendment which is being overlooked. If the amendment passes, the funds to provide property tax relief must then be available at the state level from gaming or other revenue sources in order to reduce the tax burden. Funds will be evaluated on a yearly basis.
For instance, if this amendment was in effect, looking at our current budget situation, the funds are clearly not available to provide up to 100% property tax relief. Without this amendment, there is no current method in our laws to provide up to 100% relief. Word in Harrisburg is that this measure appeased legislators who were previously in favor of eliminating property tax altogether and doling out funding to districts from Harrisburg.
State organizations are providing a webinar on the amendment on Tuesday, October 31st. You can register here