The Fiscal Year (FY) 2025 appropriation act (2024 Public Act 121, Section 952) included three new statutory revenue sharing payments (Taxable Value, Weighted Population, and Yield Equalization). The three new payments are based on multiple factors, one of which is taxable values.
To ensure accuracy of the FY 2025 Statutory Revenue Sharing 3 Formula payment calculation, Treasury is requesting local units to review the values indicated in the FY 2025 Statutory Revenue Sharing – 2024 Ad Valorem Taxable Values.pdf report. Corrections should be submitted using Form 6167, Correction of 2024 Ad Valorem Taxable Values Used for the FY 2025 Statutory Revenue Sharing 3 Formula Payment Calculations by February 7, 2025.
ACTION NEEDED:
- If a local unit’s 2024 Ad Valorem Taxable Value indicated on the FY 2025 Statutory Revenue Sharing – 2024 Ad Valorem Taxable Values (PDF) report is correct, no further action is needed.
- If a local unit’s 2024 Ad Valorem Taxable Value indicated on the FY 2025 Statutory Revenue Sharing – 2024 Ad Valorem Taxable Values (PDF) report is incorrect, the local unit should submit a Form 6167, Correction of 2024 Ad Valorem Taxable Values Used for the FY 2025 Statutory Revenue Sharing 3 Formula Payment Calculations to Treasury by February 7, 2025.
Note: Form 6167 submissions must include substantiating documentation. Substantiating documentation accepted by Treasury is a 2024 Miscellaneous Totals Report based on an ad valorem population (the total taxable value can be found on the S.E.V., Taxable and Capped Values page of the 2024 Miscellaneous Totals Report, under the “BOR Tax” column).
If you have any questions, please contact our office at 517-335-7484 or email [email protected].
John LaMacchia is the League’s director of state & federal affairs. He can be reached at [email protected] or 517-908-0303.