No “Property Tax Relief” This Year?

Sharon Smith writes that the slots taxes may not generate enough revenue to trigger property relief this year.  By law, the Property Tax Relief Fund must have $570 million when it is certified on April 15.   It is currently a quite bit short of that level.  Even if it does reach $570 million, it will like provide less property tax relief than last year’s $613 million.

You can get the latest State Gaming Fund collections numbers here.  Remember that the State Gaming Fund first pays for the Gaming Control Board, volunteer fire companies, compulsive gambling treatment, the local share, and a handful of other programs before allocating the leftover funds to Property Tax Relief. (Horse Racing Fund and Economic Development Fund get funds directly from taxes on gambling losses).

Perhaps more importantly is the fact that local property tax increases have far outpaced any “relief” from gambling revenue. Since the slots law passed in 2004, school property taxes increase by about $3 billion, exceeding the property tax “relief” by almost $2.5 billion