Colfax Board of Education approves property tax levy of $2.8 million, $5.98 mill rate
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By LeAnn R. Ralph
COLFAX — The Colfax Board of Education has approved a property tax levy of $2,814,833 for the 2022-2023 school year, with a mill rate of $5.98 per $1,000 of property value.
The school district can make a prediction on the amount of property tax that will be levied, but the final numbers are needed for state aid before the property tax levy can finalized, and the state aid numbers were sent out on October 14, said William C. Yingst Jr., district administrator, at the Colfax school board’s October 24 meeting.
The equalized value in the school district is $471 million, which compares to an equalized value last year of $419.1 million, representing an increase in equalized value of nearly $52 million, Yingst said.
In addition to the increase in equalized value, the property tax levy is $530,784 less this year than last year, or 15.87 percent less, he said.
Between the decrease in the property tax levy and the increase in the equalized value in the school district, the mill rate will be $5.98 per $1,000 of property value, Yingst said.
A mill rate of $5.98 compares to last year’s mill rate of $7.98 per $1,000 of property value, he said.
The mill rate of $5.98 is a 40-year low on the mill rate, Yingst noted.
A general rule is that when the equalized value increases, the mill rate decreases. An individual property owner may see an increase or a decrease in school taxes when the mill rate decreases, depending on how that property is valued compared to other properties in the school district.
If the mill rate decreases but the property values remain the same, then property owners would see a decrease in their school district property tax.
The total combined property tax levy of $2,814,833 includes $179,569 for non-referendum approved energy efficiency projects; $10,866 for a non-referendum approved land purchase; $60,838 for unfunded post-employment liability; $11,938 for the non-referendum approved tennis court project; $800,588 for referendum-approved debt service; $225 for property chargeback for uncollectible taxes; and $1,750,789 to levy the difference between the amount equaling the maximum revenue limit allowed, less all allowed state general aid.
The updated budget for the 2022-2023 school year includes $9,925,411 in revenue and $9,794,106 in expenses.
The Colfax Board of Education unanimously approved setting the total property tax levy at $2,814,833, which carries a mill rate of $5.98 per $1,000 of property value.