IFO releases projections for school property tax replacement

IFO releases projections for school property tax replacement

The Independent Fiscal Office (IFO) has released their latest projections that detail how much of an increase in personal income taxes (PIT) the state would need to impose to generate revenue if school property taxes for homesteads were eliminated.
 
The IFO determined that to raise enough revenue through a PIT to replace homestead property tax revenues, the state would need to increase the PIT by 1.9 percent to generate the same amount of funding. This would raise approximately $8.5 billion in revenue in the 2019-2020 fiscal year, roughly the same amount that taxing properties is expected to bring in.
Monday, March 18, 2019/Author: Justin Sweitzer
Categories: News and Views
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