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Mentor schools warn $2.2 million annual loss after county "piggyback" property-tax credit; board considers levy options
Summary
The district's chief financial officer told the Mentor Exempted Village Board of Education on Nov. 11 that a county "piggyback" credit will cut about $2.2 million from district revenue annually, creating a $1.1 million net hit this fiscal year and prompting discussion of possible levy or income-tax options and a December work session.
The Chief Financial Officer told the Mentor Exempted Village Board of Education on Nov. 11 that a Lake County "piggyback" property-tax credit will reduce the district's revenue by roughly $2.2 million a year and leave a $1.1 million net shortfall in the current fiscal year.
"We're gonna lose $2,200,000 every year that they continue this," the Chief Financial Officer said, explaining the credit doubles owner-occupancy and homestead reductions without state reimbursement. He said the district expects a $1.1 million hit in the current fiscal year because the timing of collections phases the loss in over…
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