Board members are scheduled to vote tonight on the estimated 2011 tax levy for .
The tentative levy request would seek just more than $149 million in property taxes, which make up about 76 percent of the district’s revenues. The amount represents a 4.77 percent increase over last year’s extension of $142 million.
While the final levy is scheduled to be adopted on Dec. 12, the district will have until April 1, 2012, to make adjustments.
According to a report from Assistant Superintendent for Admistrative Services Gary Grizaffi, the requested levy amount will likely be higher than the actual levy. That’s because this year’s equalized assessed valuation (EAV) of all properties within the district and new property values are still unknown.
But according to district projections, property value totals are expected to decline sharply in 2011. Even though the district estimates adding $25 million in new construction growth, Grizaffi’s report shows an estimated EAV loss of $178 million, or 6.55 percent, within the district.
By approving the tentative levy, the district will be able to request the maximum amount of property tax dollars allowable under tax cap laws. For 2011, any levy increase is capped at 1.5 percent.
If the final extension approved is in excess of the amount of funding actually needed, the board has until the spring to abate the excess taxes.
To view this year's tentative levy proposal, click here.