Tax Levy

We reviewed the preliminary tax levy during round table discussion at the November 28 Board Meeting. The preliminary levy was $2,671,754.96 that was approved in September. From this amount a deferred maintenance under levy of $70,575.60 and an alternative compensation under levy of $85,978.62 will be subtracted for a final levy of $2,515,200.74 or an increase of 8.54% over pay 2011.
Of this amount $96,860.43 are levy adjustments on our voter approved operating referendum from FY 10 and FY 12 of which were not taxed at those times. We also have a Health and Safety current levy of $124,787.73 for asbestos removal per state allowance.
These two total $221,648.16 or more than the $198,046.78 increase from the $2,317,153.96 pay 2011 levy.
All properties will not see the increase equally due to the state's enactment of the Market Value Homestead Exclusion and the elimination of the Market Value Homestead Credit. Falling property values also lessen the property tax base, which drives tax rates higher.
We don't forsee the need for the health and safety revenue to the extent of the current levy, as the majority of the asbestos has been dealt with.