The state legislature passed property tax reform measures which include giving all permanent 4% homeowners credit on all of the school operating taxes, meaning that you are not paying any of the school district’s operating taxes, only the school bonds. In most cases, taxpayers will see a reduction in their notices. It depends on the value of the property and the tax district in which you live. This credit is not applied on the tax bills of business or personal property, or 6% property owners (land, second homeowners). This credit does not appear on your vehicle, boat or other personal property notices.