Post by Logan on Jun 6, 2016 2:33:48 GMT -6
Democrats worried about property tax relief in tough budget times
North Dakota Democratic leaders are raising alarms about whether the state will be able to continue to provide property tax relief during tough fiscal times, but others don't appear worried.
The state has eased property taxes, which are levied by local governments, through a 12 percent buydown. For the current two-year budget cycle, the state set aside $250 million for the buydown.
But reduced tax revenue, largely attributed to a slowdown in the oil industry and lower farm commodity prices, led Gov. Jack Dalrymple to order a 4.05 percent budget cut in February. That slashed about $10 million from the $250 million the Legislature planned for the property tax relief credit.
But Pam Sharp, director of the North Dakota Office of Management and Budget, said it appears the state will have enough money to cover it. She pointed out this year's bill was $116 million, giving the state about $124 million left when the check comes due early next year.
www.thedickinsonpress.com/news/north-dakota/4048010-democrats-worried-about-property-tax-relief-tough-budget-times
North Dakota Democratic leaders are raising alarms about whether the state will be able to continue to provide property tax relief during tough fiscal times, but others don't appear worried.
The state has eased property taxes, which are levied by local governments, through a 12 percent buydown. For the current two-year budget cycle, the state set aside $250 million for the buydown.
But reduced tax revenue, largely attributed to a slowdown in the oil industry and lower farm commodity prices, led Gov. Jack Dalrymple to order a 4.05 percent budget cut in February. That slashed about $10 million from the $250 million the Legislature planned for the property tax relief credit.
But Pam Sharp, director of the North Dakota Office of Management and Budget, said it appears the state will have enough money to cover it. She pointed out this year's bill was $116 million, giving the state about $124 million left when the check comes due early next year.
www.thedickinsonpress.com/news/north-dakota/4048010-democrats-worried-about-property-tax-relief-tough-budget-times