State Gambling Operations Fuel Local School Tax Cut

Revenues collected from state-licensed gambling facilities will mean lower school taxes for thousands of area residents. Homeowners who applied for the tax cut, commonly referred to as the “homestead exemption,” will see a credit on their real estate tax bill next month. School districts will be reimbursed the amount from the gaming monies.

Austin residents will see a reduction of $314; Port Allegany, $216; Galeton, $211; Northern Potter, $206; Coudersport, $179; and Oswayo Valley, $150. Statewide average for savings through the program is $200, according to the Pa. Dept. of Education. About $612 million will be distributed statewide this year.

Property owners who would like to sign up for the homestead exemption on owner-occupied homes for the 2012-13 school year have March 1, 2012. Those who are already registered do not need to reapply. Future tax reductions will fluctuate, based on the amount of revenue the state derives from gambling.