SB76 Tax Change Calculator

SB 76, the Property Tax Independence Act, is designed to eliminate school property taxes. It does not impact the county, township/borough property taxes assessed each spring. The elimination of school property taxes would occur over time since property taxes will still be assessed to cover existing debt obligations. The debt obligation, and thus the tax elimination, varies from district to district. The average homeowner in Big Spring SD will still pay about 16.5% of current school property taxes.

Changes under SB 76:

  • Personal Income Tax (PIT) increases by 1.88%, from 3.07% to 4.95%
  • Sales tax increases by 1%, from 6% to 7%
  • Sales tax expands to cover more items

This calculator will help you to see how the changes made by SB 76 will affect your household's finances. Click on the question mark icons () for more information.

Property tax rate based on Big Spring School District.


Basic Information

Property Assessed Value
Real Estate Tax Amount
Household Earnings
IRS Tax Rate
Enter "0" if you do not itemize. Otherwise, enter your Federal Income Tax rate. See this article for more information: https://www.irs.com/articles/2016-federal-tax-rates-personal-exemptions-and-standard-deductions
Sales Tax Deduction
To calculate Sales Tax Deduction for additional 1% Sales Tax, find your allowable sales tax deduction based on the following IRS sales tax deductions calculator: https://apps.irs.gov/app/stdc/

Monthly Expenses for Expanded Sales Tax

Items/Services included in expanded sales tax:

  • Personal hygeine
  • Diapers
  • Hair cuts & salon services
  • Non-perscription medication
  • Amusement parks, zoos, museums
  • Sports, theater, dance events
  • Day care
  • Cable (basic & premium)
  • Magazines, periodicals
  • Textbooks
  • Waste management

For a complete list, see http://www.senatorargall.com/new-taxable-items/
Food
Clothing
Services
Other
Total Yearly Expanded Expenses

Results

Tax Decreases

R.E. Tax Reduction
Federal Tax Reduction
Total Reduction in Taxes

Tax Increases

PIT Increase
Additional Sales Tax Increase
Expanded Sales Tax
Federal Tax Increase
Total Additional Taxes

Net change in taxes under SB 76:

(A positive/red amount indicates you will pay more, a negative/green amount indicates savings)