Here’s 5 Plans to Cut Property Taxes Being Considered Right Now by State Legislators
Five proposals to cut or eliminate property taxes were presented Thursday to the state legislature, writes Ford Turner for The Morning Call.
Plan 1 reduces school property taxes by 8.62 billion dollars. It increases the state’s personal income tax from 3.07 percent to 4.07 percent, increases the sales tax by 1 percent and requires school districts levy a local earned income tax of at least one percent.
Plan 2 reduces taxes by $6.4 billion, $4 billion in general property tax relief, $1.5 billion in millage relief, renter relief, expansion of the rent rebate program and $400 million reduction in “cost driver” school spending.
Plan 3 offers rebates of up to $2,340 to “homestead property” owners, generally owner-occupied homes.
Plan 4 offers rebates of up to $5,000 to homestead properties.
Plan 5 eliminates all school property taxes for homestead properties. The personal income tax would increase from 3.07 to 4.82 percent and the sales tax would increase by 1 percentage point.
“People are experiencing things in their lives, that they need this school property tax relief sooner, rather than later,” said State Sen. Judy Schwank, a member of the work group that looked at possible reforms.
For more about the proposals, click here.
[uam_ad id=”62465″]
Stay Connected, Stay Informed
Subscribe for great stories in your community!
"*" indicates required fields