Oklahoma's property tax reimbursement fund short of money
Tuesday, April 22nd 2003, 12:00 am
By: News On 6
(Oklahoma City-AP) -- Attorney General Drew Edmondson's Office says the state must reimburse school districts and cities that lose property tax revenue due to tax exemptions for manufacturers.
Edmondson's ruling says that's true even if the reimbursement fund is short on money.
The opinion addresses a funding crisis in the state's Ad Valorem Reimbursement Fund that reimburses schools, county governments and other governmental entities for lost state property tax revenue.
The fund is broke because payments have decreased as the state's economy struggles.
Earlier this month, Governor Henry and legislative leaders agreed to provide at least $14-million to reimburse eligible schools.
Several Oklahoma school districts have been affected by a decline in tax revenue.