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.
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