At an Aug. 22 meeting, the board of trustees approved a maintenance and operations tax rate of $0.7569 per $100 valuation along with an interest and sinking rate of $0.33 per valuation, making for a total tax rate of $1.0869 per $100 valuation.
A closer look
The newly-adopted tax rate is $0.0218 lower than the FY 2023-24 tax rate. Since 2019, the state has compressed school districts’ tax rates as property values grow, Chief Financial Officer Pete Pape said.
Despite the tax rate being lower than last fiscal year, the $1.0869 tax rate exceeds the district’s no-new-revenue rate by about $0.0271. The no-new-revenue rate is the tax rate the district would need to adopt to receive the amount of local property taxes as the previous fiscal year assuming the same properties are taxed both years.
The M&O portion of the tax rate funds the day-to-day operations of a district while the I&S rate funds the district’s debt payments, including bonds.
What residents need to know
A homeowner with a market home value of $635,128 and average taxable value of $455,926 can expect to pay $4,955 in school property taxes, which is a $211 increase from last fiscal year, according to district information.
This comes as the average taxable value of homes in the district rose from $426,517 to $455,926 from April to July, Pape said at the Aug. 8 meeting.
In case you missed it
The district adopted a $460.36 million general operating fund budget with a nearly $13.1 million shortfall for FY 2024-25 amid cuts to state and federal funding.
