During a recent government meeting, the proposed property tax levy for 2024 was discussed, highlighting its critical role in funding public education. Dr. O'Keefe presented the details, emphasizing that no action would be taken on the levy until the December meeting. The discussion centered around the implications of the property tax extension limitation law, which caps annual increases at either 5% or the previous year's Consumer Price Index (CPI), whichever is lower. For the upcoming levy, the CPI is set at 3.4%.

Dr. O'Keefe explained that the equalized assessed value (EAV) of properties within the district is projected to grow significantly, with estimates suggesting an increase of over 9%. This growth is attributed to rising housing market values and new construction, with the district anticipating around $44 million in new growth from various developments. The EAV is crucial as it influences the tax rate; as EAV increases, the tax rate typically decreases, allowing the district to maintain funding levels without imposing higher taxes on residents.

The meeting also addressed the importance of capturing new construction values, as any unaccounted growth results in lost revenue for the district. The anticipated operating tax rate for 2024 is projected to be slightly above $4.20, with an overall increase in the levy estimated at 4.25%. Notably, the board decided against holding a truth in taxation hearing, which is required only if the levy increase exceeds 5%.

In summary, the discussions underscored the complexities of property tax levies, the impact of market dynamics on funding for education, and the district's proactive approach to managing its financial future amidst changing economic conditions. The final proposal will be presented for approval in December, following further refinements based on updated assessments.