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KPL - From the Director | News

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KPL - From the Director
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KPL - From the Director

Personal Property Tax: A Critical Source of Library Funding

Several weeks ago, I wrote about library funding threats with the proposal to eliminate personal property tax. The issue continues to receive media attention across the state but most of the coverage does not mention that personal property tax (PPT) is a critical source of local library funding.

The legislature will take up this issue in January. The library community is committed to informing our legislators and our patrons of the importance of this revenue source and what it would mean if it was eliminated and not replaced.

Personal property tax is a tax paid by businesses, not individuals or homeowners. It is based on the tangible or physical assets of a business such as office furniture, computers, industrial machinery and equipment, copy and fax machines. It is not a tax on land and buildings.

About 10%, $1.2 million, of our revenue is from personal property tax. If PPT was eliminated and not replaced by a guaranteed, stable funding source...

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