Property Tax Elimination Proposal
SB76, the Property Tax Independence Act, is designed to eliminate school property taxes. However, it does not impact the county, township/borough property taxes assessed each spring. The elimination of property taxes would occur over time since property taxes will still be assessed to cover existing debt obligations. The debt obligation and thus the correlation to actual tax elimination will vary from district to district. The average homeowner in the Greenwood School District will still pay about 21% of current school property taxes.
Proposed changes under SB76:
- Personal Income Tax (PIT) increases by 1.88% from 3.07% to 4.95%
- Sales Tax increases by 1% from 6% to 7%
- Sales Tax expands to cover more items
This calculator will help you to see how the changes made by SB76 will affect your household finances. Please access the calcultor below, the property tax rate is based on Greenwood School District.