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Education tax forecast benefits from surplus

admin by admin
December 4, 2021
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Education tax forecast benefits from surplus

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Tax Commissioner Craig Bolio made the announcement in the so-called “December 1 letter” delivered to the Legislature on Wednesday. The annual letter forecasts the education tax yields for resident homeowners and the non-homestead tax rate for the upcoming fiscal year. A higher yield can translate to a lower tax rate.

In a press release, Bolio called the surplus “unprecedented,” explaining it was driven by higher-than-expected performance of the non-property tax revenues in the Education Fund, lower-than-expected costs for education property tax credits in the fiscal year 2022, and “enhanced surplus” from fiscal year 2021.

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