On March 19th, 2008, about thirty thousand property owners in Centre County are expected to be awarded some form of property tax relief this 2008, with the likely dispersal of profits from the state’s brand new slot machines. Main assessor Mark Kellerman said to the commissioners during a meeting that the county sent out about 37,752 applications to property holders encouraging them to apply for the tax relief program for the farmlands or homesteads. He added that the county approved about 28,503 for the state’s homestead lands exemption programs and 382 for their farmstead lands exemption.
Homestead and Farmland properties will see a reduction in the taxes that they are currently paying, with the state’s gaming fund expected to surpassed $570 million by April 15th, 2008. But Kellerman commented that the county has no perception how that amount of cash can be made available to the taxpayers of the county. With the help of the state legislation, the cash to help scale down the taxes of the property in the county would be readily available once the gambling fund contains about $570 million.
Kellerman commented that the gambling fund already contained $540 million by December, so it is possible to meet the April 15th, 2008 deadline for the gambling fund. If the gaming fund surpassed the $570 million mark by that time, the state will immediately given a notice to Board of Education that the funding is already available, with each school district being sent a notice after May 1st, 2008.
Half of that cash would be given to the school districts by August 28th, 2008 with the remaining half of the fund being distributed by October 23rd, 2008. Kellerman commented that amount of cash could be readily available depending on the flow of the gaming profit. He added that poorer educational establishments will receive more tax relief compared with the wealthier educational establishments.