Board approves tentative 2017 property tax levy
Truth in Taxation hearing scheduled for December 19th at 6:00 .m.
At its regularly scheduled board meeting on November 21st, the Dakota School Board approved a tentative property tax levy and scheduled a Truth in Taxation Hearing for 6:00 p.m. at the Dakota Elementary School Library.
The 2017 property tax levy reflects the voter approved limited rate increase to $5.58 for operating funds. Because the final bond payment was made on the 1999 addition, it is anticipated that the debt service rate will be approximately $.30 for projected total 2017 tax rate of $5.88. The 2016 total tax rate was $5.89. Consequently, the total tax rate should remain essentially the same.
In regard to the public notice for the Truth in Taxation hearing, the reason for the 21.64% is that there is an increase in the amount of funds being levied for operating funds due to the outcome of the referendum. The publication notice also reflects a 71% decrease in the debt service extension. Again, this is due to the final bond payment on the 1999 additions being paid. The total 4.75% increase is attributed to an overall increase in the district’s projected property tax base. The district also asks for more than it expects just in case there is a significant increase in the property tax base when those figures are finalized in the spring (this would actually lower the total tax rate). As a practical matter, the district will likely receive a reasonably small increase in property tax revenue from last year due to the increase in the district’s tax base and individual property owners total tax rate will remain approximately the same.
Get additional explanation on the 2017 levy by clicking below.
If you have any questions, please contact Bob Prusator at 844 632-5682