By LeAnn R. Ralph
COLFAX — The Colfax Board of Education has approved a total property tax levy of $2.65 million for the 2013-2014 school year.
The levy amount approved at the October 28 school board meeting includes $2.47 million for the Fund 10 property tax levy plus $179,658 in debt service payments for the energy efficiency project.
The amount for the energy efficiency project is in addition to the revenue limit.
According to the resolution approved by the Colfax Board of Education, the debt service payment of $179,658 will be offset by utility and operation and maintenance savings of $109,255 for 2013-2014.
The cost of the energy efficiency project is expected to have a payoff in savings on utility, operation and maintenance costs of 15.4 years.
An evaluation of the energy performance of the efficiency projects will be included as an addendum to the published budget summary for 2014-2015 and in the school district’s newsletter or in the published minutes of the school board meeting.
The mill rate for this year of $8.64 per $1,000 of property value is somewhat less than last year’s mill rate of $8.78.
Equalized value in the school district for 2013 increased by $18.55 million for a total of $306.3 million, compared to last year’s total of $287.79 million.
The equalized value of $306.3 for this year is still $17 million less than the equalized value two years ago.
Equalized value in the Village of Colfax increased by $2.3 million, from $40.26 million in 2012 to $42.57 million for 2013.
Equalized value in the Town of Howard and the Town of Colfax both increased by about $4 million, increased by $8.2 million in the Town of Cooks Valley, increased by $352,000 in the Town of Sand Creek, and increased by nearly $750,000 in the Town of Grant.
The equalized value decreased by $1.3 million in the Town of Tainter.