This memorandum provides background information on the structure of the business personal property tax and the estimated fiscal impact of eliminating the tax.

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...

This memorandum provides background information on the structure of the business personal property tax and the estimated fiscal impact of eliminating the tax.