Sen. Joseph Zarelli is back with his useful "budget tidbits."
His take on I-747:
Some contend I-747's 1 percent growth limit is unrealistic, asserting it prevents property tax revenue growth for local governments from keeping pace with inflation. That is erroneous.
Property tax collections have continued to be a strong, growing revenue source, rising at an annual rate in excess of 5 percent due to new construction and voter-approved increases. That is more than twice the rate of inflation during that time frame.
While the effects of the initiative may vary among local jurisdictions, the statewide data backs him up.
