Tax Rate Drops Even with Passage of Referendum

Tax Rate Drops Even with Passage of Referendum
Posted on 10/29/2019
This is the image for the news article titled Tax Rate Drops Even with Passage of ReferendumOn October 28, 2019, the Swallow School District Board of Education approved the final budget and tax levy for the 2019-2020 school year. The total tax levy of $5,262,900 is $140,283 (or 2.6%) less than the 2018-19 levy. This reduction marks the third consecutive year of property taxes decreasing over 2.5%, resulting in a total decrease of 8% over that time frame.

The 2019-20 mill rate, or tax rate per $1,000 of equalized property value, came in at $5.82. This is a decrease of $0.44 (or 7.1%) over the 2018-19 mill rate and the sixth consecutive year without an increase, resulting in a total reduction of 19.7% over that time frame. This is the lowest the mill rate has been in over a decade.

The tax reductions for 2019-20 come even after the passing of an $8.3 million facilities referendum in November of 2018. Prior to finalizing the referendum question, the Swallow Board of Education made a commitment to not increase the mill rate through the referendum. Due to bond rates coming in lower than projected, the mill rate reduction far exceeded the Board’s goal.
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