www.thedailyreview.com/site/news.cfm?newsid=19707129&BR -
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Published on: 5/21/2008
Last Visited: 5/21/2008
The Sayre Area School District will be receiving $586,263.63 from slots winnings, Sam Moore, the Sayre School Board's business manager, said at Monday night's Sayre School Board meeting.
"We've received the Secretary of Education's letter certifying the amount of gaming revenue slots money for reduction of the assessed value of those individuals who qualify for the Homestead/Farmstead exclusion," Moore said.
The district will be paid the funds in two installments, Moore said.
"The manner in which this works is if you own your own home and you were granted a homestead/farmstead exclusion, and your home is valued at $50,000, your assessed value would be reduced by $8,919," Moore said."The assessed value would then be $41,081 and the milage levied by the district would be on the new assessed value."
With the proposed budget, which is potentially raising the milage to 41.5, taxes on a home assessed at $50,000 would be $2,075, he said.For those who qualify for the exclusion, $370.14 would be taken out of the taxes, and the school taxes would then be $1,704.86
An exception occurs when a person qualifies for the exclusion, but their home's assessed value is less than $8,919, Moore said.
"These individuals will have their tax bills reduced to zero," he said."In no case does the homeowner receive cash from the district or the state."
Those receiving the tax reduction will be notified in their tax notice, which will show the original amount of tax liability, the amount of the exclusion and the net amount due after the exclusion is applied, Moore said.