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Zogby today certified that more than $778 million in gaming revenue will be available for property tax relief in 2013.
Every state employs some form of property tax relief program for the purpose of reducing the local property tax bill for taxpayers (National Conference of State Legislatures, A Guide to Property Taxes: Property Tax Relief 6 (November 2002)).
Standing next to him at a press conference in the Red Room was Nassau County Executive Tom Suozzi, the chairman of the Commission on Property Tax Relief, as they unveiled the commission's proposals.
The site also contains information about Proposition 58, which provides an exclusion for transfers of properties between parents and children; and Propositions 60 and 90, which provide property tax relief for senior citizens who sell a home and buy one of equal or lesser value.
By the end of 2001, more than half of the states permitted local governments to provide property tax relief for the restoration of historic properties or permitted real or personal property tax incentives to expand within their boundaries.
It also provides brownfield owners with property tax relief for cleanup, along with well-defined rules for cleanup and provides more flexibility for communities to designate improvement areas.
This proposal is made in conjunction with a proposed expansion of the state property tax relief program; the change would increase the amount of PIT receipts flowing to the revenue bond tax fund, out of which debt service is paid and based on which the additional bonds test is calculated.
The loans, made from the Property Tax Relief Reserve Fund between 2007-2010, were used to help finance the Board's operations during the early years of gaming in Pennsylvania when few slot machine facilities were operational.