Administrators for District 205 have proposed a flat tax rate for 2019.
Superintendent for Finance and Operation, Jennifer Hamm, told the board that the tax rate was going to be the same rate from the last two years.
“We are still looking at a $4.83 tax rate for tax year 2019. Same as we had for tax year 2018. We’re expecting about a three percent increase in our Equalized Assessed Evaluation, which is the value of all the property in our district.”
The district is asking for a tax levy of over $22,308,162 based on an exaggerated projected EAV of over $460,930,445.
Should EAV be lower than that, the tax levy will be scaled down to reduce the amount of tax rate from ballooning.
A special meeting to approve the tax levy was scheduled for later this month.
The school board also approved abating alternate revenue bonds
The abatement allows the board to take the money from the one-cent sales tax instead of from the property tax levy.
The Knox County Clerks office is required by law to take a levy for the amounts of the bonds from the property tax unless they’re abated.
Superintendent Dr. John Asplund pointed out after the approval that the action effectively lowers the tax bill for property owners.
“This is going to keep your tax rate lower. So, we’re not going to have to raise the bond and interest rate. We use the one-cent sales tax money to knock down the bond and interest levy. Otherwise, your tax rate would go up quite a bit. So, you’d pay more in property taxes if we didn’t do it.”
The abatement of the 2011B and 2014B alternate revenue bonds are approved on an annual basis as per law.