Have you ever wondered what is cannibalizing your municipalitys revenue sharing? Fred Ehrlenbach for House of Representatives, District 132 Did you know: In 1972 the legislature enacted the revenue sharing program (PL 1971, chap.478) calling for 4% of all state sales and income tax revenue to be distributed to the Municipalities. In 1983 it was increased to 4.75%. It was increased to 5.1% in 1985 and to 5.2% in 2000. In fiscal year 2014 the Revenue Sharing Distribution should have been $138,306,246. The actual distribution was $65,000,000.00 (47%) with the State keeping $43,306,246 (53%). In fiscal year 2015 the Revenue Sharing Distribution, as projected, should be $145,949,391. The Legislature has reduced it to $60,000,000.00 (41%) with the State keeping $85,949,391(59%) (PL 2013, chap. 368). With the current 36.7% of total State Expenditures being spent on welfare, in fiscal year 2014, $15,893,392 of the $43,306146 that should have gone to the Municipalities to reduce property taxes was be spent on Welfare. In fiscal year 2015, $31,543,426 of the $85,949,391 that should have gone to Municipalities to reduce property taxes will be spent on Welfare. Question: Did your property taxes go up this year?
Posted on: Mon, 15 Sep 2014 16:17:11 +0000