Statewide Property Tax
Resulting from a Supreme Court Decision in 1997, the state is required to provide an adequate public education and to guarantee adequate funding. Initially more than 50% of the funding was to be generated by the statewide property tax. The rate was initially set at $6.60 per $1,000. In FY 2010 the rate was $2.190 per $1,000.
Each year, the commissioner of the department of revenue administration shall set a rate (the education tax rate) at such a level, based on an assessed value of taxable property, to generate $363 million in FY 2010. Current fiscal year receipts are expected in March 2011.