Truth in Taxation
At the December 10, 2012 Board meeting Board members approved the pay 2013 tax levy. Director of Finance and Operations Gary Kawlewski presented Truth in Taxation information. In his presentation, Kawlewski highlighted four main factors affecting taxes (school portion only).
1. The district's total levy has decreased $351,280 or a decrease of 2.67 percent. Some of the reasons for the decrease are because the district refunded bonds last year; value of the district went down therefore the district is receiving more state aid; and the debt service levy is going down.
2. The total value of all property within the school district boundaries (tax base) referendum market value and net tax capacity is down.
3. The assessed value of property (estimated and taxable market value).
4. The market value exclusion (state legislature).
a. Reduces your taxable market value based on a state determined formula.
b. It is the reason why some statements show a difference between estimated market value and taxable market value
The tax change will vary based on the change in individual property value. On average, residential homestead tax bills will be down slightly due to declining values and a decrease in the levy total. Kawlewski did mention that some of the tax burden has been shifted to agriculture property as a result.