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Saturday, May 12, 2012

Tax Cuts Announced From Gambling Monies

Homeowners Getting Break On School Taxes

taxexemptionPotter County homeowners who applied for the “homestead exemption” will see a credit on their school taxes this summer, reflecting the discount for owner-occupied homes. School districts will be reimbursed the amount from the gaming monies.

Austin Area School District homeowners will see a reduction of $314, identical to last year’s figure. In Coudersport, the tax cut is $176, almost the same as the $179 reduction in 2011. Tax credits in Galeton are $211; Oswayo Valley, $151, Northern Potter, $200. About $615 million will be distributed statewide this year.

Many homeowners in local school districts have not applied for the homestead exemption. Those who may qualify will receive another notice/application by mail later this year. They have until March 1, 2013, to apply for the reduction on their 2012-13 school tax bills. Those who are already registered do not need to reapply. Future tax reductions will fluctuate, based on the amount of revenue the state derives from gambling operations.

School tax bills will be mailed in late July. Taxpayers will receive a two-percent discount if they pay their bill by Sept. 30. A penalty is applied to payments made after Nov. 30.

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