The Washington School Board Wednesday night approved a property tax levy of $4.1862 per $100 assessed valuation.
The 2018-19 rate was set following a public hearing held at the start of the regular monthly meeting. There were no public comments.
Superintendent Dr. Lori VanLeer said the levy includes a very small rollback of about 1 cent in debt service.
The levy last year was $4.1779, which included a voluntary rollback of $0.1472.
VanLeer said the calculation used to set the levy was reviewed by school officials and checked multiple times, as well as reviewed by the state auditor.
The breakdown for the 2018-19 rate is as follows:
Incidental — $3.5883.
Capital Projects — $0.1279.
Debt Service — $0.4700
Total — $4.1862.
The tax rates are set to produce the revenues which the budget for the fiscal year beginning July 1, 2018, shows to be required from property tax.
Each tax rate is determined by dividing the amount of revenue needed by the current assessed valuation. The result is multiplied by 100 so the tax rate will be expressed in cents per $100 valuation.
School districts are required to set their levy on or before Sept. 1 following the state auditor’s approval of the board of equalization valuations received by the district in August of each year.
Assessed valuation is estimated at $790,322,268, which breaks down to $611,312,195 in real estate and $179,010,073 for personal property. Total assessed valuation is up from the prior tax year which was $768,224,520.
Revenue from new construction is projected at $1,169,887.
Board member Bob Oreskovic asked if any additional money would go toward the teachers’ salary schedule based on the latest numbers.
Assistant Superintendent Dr. Brendan Mahon said the assessed valuation projection did come in higher than initially estimated when the budget was set, but not significantly, so no additional changes will be made to salaries. He said the teachers groups are aware of that.