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Impact of Final Residential Assessment Rate Study on Local Share

Fiscal Policy & Taxes
Education & School Finance (Pre & K-12)

The final Residential Assessment Rate Study released by the Division of Property Taxation on April 17, 2017 estimates a residential assessment rate of 7.20 percent for 2017 and 2018.  The General Assembly must pass a bill before this rate becomes law.  Compared with the baseline forecast which was predicated on the December 2016 Legislative Council Staff assessed values forecast, the local share for school finance with a residential assessment rate of 7.20 percent will increase by between $48.7 million and $214.2 million in FY 2017-18.  The actual increase in the local share for school finance will depend on the accuracy of the forecast used to estimate the local share.

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The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details