75B - PH METRO EAST MIXED USE OVERLAY (MEMU)

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Category of Property Residential TotabParcels 46,054 G.F Revenue filer. Rev $255295.502.98 $9,783.475.82 Grand Totq1 $359078.97 Commercial 3,285 $4,706.585.54 $29,924.938.83 $349631.52 Industrial 1,657 $ 22420.502.93 $18,110,000.24 $20,530.50 Vacant 699 $259,928.83 $1,447.202.13 $1,706 Exempt 1,875 $0.00 $0.00 $0.00 The Property Tax Base Is Diverse. Property taxes and charges are imposed on many types of property. For the 1 percent rate, owner—occupied residential properties represent about 39 percent of the state's assessed value, followed by investment and vacation residential properties (34 percent) and commercial properties (28 percent). Certain properties—including property owned by governments, hospitals, religious institutions, and charitable organizations—are exempt from the 1 percent property tax rate. • All Revenue From Property Taxes Is Allocated to Local Governments. Property tax revenue remains within the county in which it is collected and is used exclusively by local governments. State laws control the allocation of property tax revenue from the 1 percent rate to more than 4,000 local governments, with K-14 districts and counties receiving the largest amounts. The distribution of property tax revenue, however, varies significantly by locality. The Property Tax Has a Significant Effect on the State Budget. Although the property tax is a local revenue source, it affects the state budget due to the state's education finance system— additional property tax revenue from the 1 percent rate for K-14 districts generally decreases the state's spending obligation for education. Over the years, the state has changed the laws regarding property tax allocation many times in order to reduce its costs for education programs or address other policy interests. The State's Current Property Tax Revenue Allocation System Has Many Limitations. The state's laws regarding the allocation of property tax revenue from the 1 percent rate have 75B-320