ST. GEORGE'S, Grenada (AP) -- The government has submitted a budget proposal that would lower property taxes to help Grenadians cope with the aftermath of Hurricane Ivan but also require them to contribute to a recovery fund. The Eastern Caribbean $666 million (US$250 million) budget would require workers to contribute part of their salaries to the Grenada Reconstruction and Development Fund for five years. The fund was set up after Hurricane Ivan ripped through the island Sept. 7, killing 39 people and leaving a wasteland of ruined buildings. "As Grenadians, we must be prepared to shoulder a greater share of the burden of rebuilding our country," Finance Minister Anthony Boatswain said while presenting the budget to Parliament on Monday. Workers who make EC$5,000 (US$1,870) or less a month -- and who don't pay income taxes -- would have to contribute 5 percent of their salaries to the fund, Boatswain said. Those who earn more and do pay income taxes would contribute 2.5 percent, he said. The budget also proposed a 50 percent reduction in residential property taxes and an exemption for home owners who pay less than EC$20 (US$7.50) in property taxes. Ivan damaged or destroyed 90 percent of homes and 85 percent of schools in the island of 100,000 people, Boatswain said. The hurricane also uprooted 95 percent of nutmeg trees, threatening the livelihood of one-third of the population. Nutmeg is the former British colony's biggest income earner. Total damages to the island are estimated at Eastern Caribbean $2.4 billion (US$900 million). The budget also proposes increasing gasoline prices from EC$7.50 (US$2.8) a gallon to EC$8.50 (US$3.2) a liter. Several Caribbean nations are struggling to cope with soaring global oil prices. Barbados announced an increase in fuel prices last week. Reprinted from biz.yahoo.com