With all the new homes and other development paying additional taxes to District 129, how can the District budget still show a shortfall?
Because, generally speaking, property values have increased, the total community equalized assessed value (EAV) has also increased, but because of the tax cap the percentage at which taxes can be increased (CPI) has remained low (fluctuated between 3.4% and 1.6% for the past five yearswell below the 5 percent limit). (See explanation of Tax Cap above.) As a result, the District revenue from property taxes has not kept pace with the increasingly higher costs for expenses for such items as utilities, salaries, health care benefits, substitute teacher costs, supplies, books, furniture, maintenance services, and unfunded mandates on special programs. Since the School District receives two thirds of our property taxes, the additional taxes generated by new development have certainly helped us, especially in the first year after the house is finished. But enrollments are increasing and all costs are rising, the total revenue is limited by the tax cap, and the fact remains that it still costs
Because, generally speaking, property values have increased, the total community equalized assessed value (EAV) has also increased, but because of the “tax cap” the percentage at which taxes can be increased (CPI) has remained low (fluctuated between 3.4% and 1.6% for the past five years-well below the 5 percent limit). (See explanation of “Tax Cap” above.) As a result, the District revenue from property taxes has not kept pace with the increasingly higher costs for expenses for such items as utilities, salaries, health care benefits, substitute teacher costs, supplies, books, furniture, maintenance services, and unfunded mandates on special programs. Since the School District receives two thirds of our property taxes, the additional taxes generated by new development have certainly helped us, especially in the first year after the house is finished. But enrollments are increasing and all costs are rising, the total revenue is limited by the tax cap, and the fact remains that it still
Related Questions
- In the current budget crisis, would additional funding be required from the District to establish a "Merit System" and would this result in additional staff layoffs?
- With all the new homes and other development paying additional taxes to District 129, how can the District budget still show a shortfall?
- ARE BUYERS AND PROPERTY OWNERS RESPONSIBLE FOR PAYING ADDITIONAL TAXES APART FROM PROPERTY TAX?
