Under the new law, money raised through legalized gambling - such as slot machines - would only be used to shift the tax burden from real estate to the earned income tax that everyone pays or to personal income tax, which taxes dividends, interest and capital gains, among others.
Act 72 would raise the current earned income tax rate of 1 percent by 0.1 percent. Additionally, any money the state makes off slot machines would go to the state's 501 school districts under a complicated funding formula, for property tax relief.
Price estimated that Greencastle's share from the income tax increase and its share from the slot machines would come to about $773,000 a year for property tax reduction.
The slot machine money won't become available to the school districts until the state collects $900 million.
Even then, Price said, only $500 million will be available since $400 million will be held in reserve.
Resident Anne Larew said that lawmakers are trying to pass the responsibility for property tax reform onto school districts instead of local and county governments.
"A lot of people want property tax relief and the Legislature knows it. This has nothing to do with the instruction and education of children," she said to a big round of applause from the audience.
Among winners under Act 72 are retired homeowners with Homestead Exclusions or those who have little or no earned income, and low-income residents who pay little if any income tax. Farmers also would make out because of their Farmstead Exclusions, Price said.
Losers would be renters who don't pay real estate taxes. Their income taxes would go up. Two-income families also would lose along with the business community, Price said.
The act puts more control over school taxes in the hands of voters at referendum.
School boards have until May 30 to decide if they want to opt in or out of Act 72.