Property Tax Relief

Today's topic is property tax relief. As part of Governor's Rendell's promise to lower the property tax burden on the individual home owner this measure was developed as means to try to develop balanced for School District funding.

The money to provide relief is derived from the proceeds of the gaming revenue when slots were legalized in Pennsylvania.

The concept is fairly easy, use gaming proceeds to lower property taxes for the individual home owner. The program is revenue neutral in the fact that money the property owner does not pay in the form of real estate taxes is offset by proceeds from the gaming revenue delivered by the state to the individual School Districts.

Since the severe down turn of the economy in late 2008 there was some concern if "property tax relief" would be available in 2009. My understanding is that yes, in some form there will property tax relief in 2009 but whether the current economic conditions have affected the amounts available have yet been seen.

The estimated amount of property tax relief has not yet been made public by the state. Once those numbers are released by the state the qualified home owner's will be able to see if he/she can expect the same kind of tax break that they received last year.