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Definitions
Fair Market Value is calculated by dividing the properties total assessed valued by the average assessment ratio. This ratio is applied to all property, including personal property, regardless of type or location of the property. School Mill Rate - The mill rate is the total amount of the tax apportionment (levy) divided by the total local equalized value for that taxing jurisdiction. This rate is expressed in mills per dollar of value or the amount per $1,000 of the equalized value of the property.
Breakdown of the School District of Osceola on your recent tax bill
Here is a helpful link from DPI Levy increases on tax bills could be related to increases in equalized value for existing homeowners (an existing taxpayer’s home/property being valued more this year compared to last). It’s helpful to review your equalized, or fair market, value from one year to the next to see if this is a true statement. Overall equalized values for property within the district increased by 18.2%, please use the following link for a breakdown by municipality. School District Total Levy 2022-2023 - $9,216,854 2023-2024 $11,013,125 Approx. increase of $1.8M
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State Budget - The state increased the funds available to operate via the revenue limit per-pupil and low revenue ceiling (LRC) increase (an additional $1,000/student) in the biennial budget but didn’t match the increase with an equal offset in equalization aid (levy relief).
In 2022, tax payers approved a two year, non-recurring operating referendum. The district had the authority to levy an additional $1M in the 2022-2023 school year and $3M in the 2023-2024 school year. That $3M was included in the recent tax levy and will expire at the end of the 2023-2024 fiscal year.
School District Mill Rate 2022-2023 - 6.86 2023-2024 - 6.94 (Still below the state average of $7.18)
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