PHILADELPHIA — The Indian River Board of Education at Thursday night’s board meeting approved a 2.6% increase to the tax levy limit of the last year. The move was part of ongoing discussions regarding the district’s 2021-22 budget.
Tax levies are the total amounts of property taxes school districts must collect to balance their budgets after accounting for all other revenue sources — including state aid. The tax levy is the basis for determining the tax rate for each of the cities, towns or villages that make up a school district.
According to the district’s business manager, Audrey Stevenson, the state’s tax cap limits the growth in the property tax levy to 2% or the rate of inflation, whichever is less, with some exceptions. Any proposed tax levy over the maximum allowable tax levy requires a majority approval of 60% to pass.
Last year, the district’s tax levy was $2.5 million. Before exclusions, the district’s tax levy limit for this year would be $1.396 million, a minus 44% tax levy from last year, according to Ms. Stevenson.
This tax levy will contribute about 3% to the IRCSD total budget. The remainder will be coming from the state, federal impact aid and other local sources.
Including various exclusions, the district is left with a tax levy of $2,572,935, a 2.6% increase from the tax levy in 2021. The tax levy was unanimously accepted by the board Thursday evening and was entered into the state’s website to meet the March 1 deadline.