Apr 15, 2008 9:46 pm US/Eastern
$612M Available For School Property Tax Relief
PITTSBURGH (KDKA) ―
Gamblers have spent millions of dollars since slot machine parlors opened across Pennsylvania.
The Property Tax Relief Fund receives 34 percent of all that casino revenue.
Every April 15, Pennsylvania must certify how much money is in that fund and today officials came out with a figure - $612 million for every homeowner under age 65.
Your piece of the pie depends on the value of your home, the school district you live in and the millage rate you pay.
But generally, state officials say homeowners can expect to see an average savings of $169 this year on their school taxes.
When you receive your school tax bill in July, you'll see three new lines - the amount your property tax would be without slots revenue, the amount of tax relief you're getting and the third will say how much you must pay.
Senior citizens who make less than $35,000 a year have already gotten tax cuts and rent rebates from a separate fund.
State officials say it's been a long time in the making, but tax relief thanks to casinos is finally here.
Seven casinos are up and running in Pennsylvania right now and seven more are slated to open. When that happens, officials estimate there would be more than $1 billion available for school property tax relief.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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