After a public hearing last Wednesday, the Union R-XI School Board voted to lower its property tax levy for 2018-19, but will retain the same amount of revenue.
The levy was set at $2.99 per $100 in assessed valuation, which includes a debt service levy of $1.05.
Last year the levy was $3.85 per $100.
The school district saw an increase of 1.75 percent in its assessed valuation this year. The increase will bring in $5,576,057 from personal property taxes.
Superintendent Weinhold said to expect another increase in that percentage by the end of the year.
However, he said the assessor’s office won’t produce the final percent until then.
He said in July the assessed valuation was 1.61 percent and he believes there will be a two-point increase by December.
“It always goes up a hair,” he said.
The tax rates are set to produce revenue, which the budget or the fiscal year beginning July 1 shows to be required from property taxes.
Tax rates are determined by dividing the amount of revenue needed by the current assessed valuation. That result is multiplied by 100.
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.