Levy question of the week


What will this cost homeowners?

Staff report



Editor’s note: In preparation for the Aug. 2 special election on which the Sidney City Schools has placed a permanent improvement levy, the Sidney Daily News will publish a weekly question dealing with the levy and what it means to the district. The questions and answers have been provided by the PI levy committee.

SIDNEY — On Tuesday, Aug. 2, 2016, Sidney City Schools will be asking voters to approve a 3.0 mill Permanent Improvement (PI) levy for 5 years to maintain current facilities and equipment.

The impact to homeowners for every $100,000 of property valuation is as follows:

Property Value: $100,000

Assessment Rate (35 percent): x .35

Assessed Value $35,000

Mills to be Levied: x .003

New Taxes Annually: $105

When divided out over the course of a year, this amounts to 29¢ per day.

With that said, there are a couple of other things to consider when looking at how this will impact homeowners, including the expired .8 mill PI levy and the reduced bond millage on the Sidney Middle School bond levy.

Expired Millage: In 2009, the Sidney City Schools Board of Education allowed the long-standing .8 mill PI levy to expire. As a result, homeowners saw an annual savings of $28 per $100,000 property value on their property taxes.

Reduced Millage: Unlike operating millage, bond millage is not automatically reduced for increased property valuation, therefore, in 2015, the Sidney City Schools Board of Education took action to reduce the millage collected for the repayment of the Sidney Middle School bond levy by 1.2 mills. The collections at that time were more than sufficient for the annual principal and interest payments. As a result, homeowners saw an annual savings of $42 per $100,000 property value on their property taxes.

Proposed (2016)

Property Value: $100,000

Assessment Rate (35 percent): x .35

Assessed value: $35,000

Mills to be levied: x .oo3

New taxes annual: **$105

.8 Mills Expired (2009)

Property Value: $100,000

Assessment Rate (35 percent): x .35

Assessed value: $35,000

Mills to be levied: x .oo08

New taxes annual: -$28

1.2 Mills Reduced (2015)

Property Value: $100,000

Assessment Rate (35 percent): x .35

Assessed value: $35,000

Mills to be levied: x .oo12

New taxes annual: -$42

**The difference to the homeowner, per $100,000 property value, will only be an additional $35 per year (10¢ per day) when the .8 mill PI levy which expired in 2009 and the 1.2 mill bond millage reduction in 2015 are taken into account.

More information and answers to other questions about the PI levy can be found on Citizens for Sidney Schools website at www.sidneyschoolslevy.org.

http://sidneydailynews.com/wp-content/uploads/2016/07/web1_election-logo-2016-300×206-c-default-3.jpg
What will this cost homeowners?

Staff report

comments powered by Disqus