Newnan City Council Faces Sales Tax Hurdle for Property Tax Relief
New state legislation will prevent the city from using the full amount of its floating local option sales tax proceeds for property tax relief this year, a development city council members learned Tuesday.
Source: times-herald.com
Newnan City Council members were informed Tuesday that new legislation enacted by the state Legislature will limit the city's ability to use the entirety of its floating local option sales tax (LOST) proceeds for property tax relief this year.
This development means that a portion of the LOST funds, which the city had intended to allocate towards reducing property taxes for residents, will now be subject to different state-mandated uses. The exact implications for the amount available for property tax relief were not detailed in the provided information.
Why it matters — Residents hoping for property tax relief this year may see a reduced benefit due to new state legislation impacting how local sales tax funds can be used.
Reported by times-herald.com, abc7news.com, nbcnews.com, marylandmatters.org, thebanner.com, wtop.com, wbaltv.com
