The Bill's preamble states that this act establishes a "...uniform education property tax and a utility property tax, increasing the business profits and real estate transfer taxes, and including other sources of revenue to provide funding for an adequate education and making an appropriation therefore."

Education Property Tax

Effective April 1, 1999, the bill assesses $6.60 on each $1,000 of the value of taxable property. So-called "donor municipalities" will be assessed a phased in percentage of their State contribution in accordance with the following table:

YEAR % OF EXCESS

1999 10%
2000 20%
2001 30%
2002 50%
2003 75%
2004⁺ 100%
 

Business Profits Tax

Effective July 1, 1999, the Business Profits Tax increases from 7% to 8%.

Business Enterprise Tax

Effective July 1, 1999, the Business Enterprise Tax rate doubles from .25% to .5%.

8% Meals and Rooms Tax

Effective July 1, 1999 the 8% Meals and Rooms Tax has been expanded to include automobile (highway vehicles) rentals for periods less than 6 months (180 days).

Real Estate Transfer Tax Increases by 50% to $15.00 per $1,000

Effective July 1, 1999, the rate increases from $5.00 per $1,000 for grantor and grantee (total $10.00 per $1,000) to $7.50 per $1,000 (total $15.00 per $1,000, per transaction), a 50% increase from the current rate.

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