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IMPORTANT NEWS CONCERNING SCHOOL TAX REFORM IN PENNSYLVANIA

 

YOU WILL RECEIVE YOUR HOMESTEAD/FARMSTEAD APPLICATION MAILING SOON!

    This month school districts in Bucks County and across the state will begin to mail homestead/farmstead applications to property owners as the first step in complying with the Homeowners Property Tax Relief Act (Act 72). More than three million property owners in all counties except Philadelphia will receive an application for the Act, which potentially may provide property tax relief to homeowners with gaming revenues.

    School officials in the Neshaminy School District remind property owners that potential property tax reduction is not automatic. Owner-occupied residential property and agricultural property owners will receive an application from the school district and must first apply to the county.  If an application is not filed by the appropriate deadlines, property owners will not be eligible.

    School boards must then decide by May 30, 2005 if the district will participate in Act 72.  If a district does not, state property tax relief funds from gaming licenses and operations will not be paid.  The state funds plus the revenue raised by new mandatory income taxes of at least .1% will provide the property tax relief.

    Following that process, the potential property tax reduction will appear on tax bills for owner-occupied properties that have approved homestead/farmstead applications (commercial and industrial property owners are not eligible for Act 72).  A second mailing will be made by the district before the end of the year to those who have not responded to the first mailing.

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    School officials stress that potential property tax relief will not be immediate to property owners.  State payments to school districts for property tax reduction are not anticipated until at least the 2006-07 school year or later.

    The completed application should be mailed to the county assessor at the address indicated on the application form.

The deadline for submission is March 01, 2005.