Southern Boone County R-I Tax Rate for the 2013-2014 Fiscal Year
The tax rate ceiling (the most that can be levied) for the District, referred to as the Incidental or general levy, is $3.7330. Last year, the members of the board elected to rollback part of the taxes; the members voted not to collect all tax that could be collected. Due to laws and regulations governing how the tax rate is computed, the board must rollback this year’s levy by the same amount as last year’s rollback. The rollback amounts to $0.0210 cents off the $3.7330 tax rate ceiling, for a proposed incidental levy of$3.7120.
The district also levy’s to pay boding obligations on our facilities; our school buildings. This levy is just like a mortgage on a house. The district has $2,650,129.00 in obligations to be paid this year (line 9 on form C). In order to meet this obligation, the school district can levy up to an additional $2.3472. However, the superintendent and members of the board believe the district only actually needs to levy $1.2800 and has proposed to voluntarily reduce the tax rate by $1.0672.
Therefore, the superintendent is proposing to the members of the bard to approve the fiscal year 2014 tax rate of $3.7120 in the incidental fund and $1.2800 in the debt service fund for a total tax rate of $4.9920.
The link below illustrates the mathematical and formula break down of how the tax rate is composed and set. If you have questions about the information in the documents or about the tax rate in general, always feel free to call or stop by the Superintendent’s Office.