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North Knox board approves 1782 budget notice and discusses tax rate rise of 6 cents
Summary
The board approved its 1782 notice to the state/local reviewer and discussed a tax-rate estimate of about 0.5672 tied to a roughly $22 million drop in assessed value; officials noted their budget as presented was approved by the local reviewer with a small $783 shortfall against a maximum.
The North Knox School Corp. board approved its 1782 budget notice and discussed elements of the district’s tax-rate calculation, telling members the submitted budget was approved by the Department of Local Government review and describing the drivers behind a modest tax-rate increase.
Finance staff reported the district’s assessed value (AV) for the tax calculation at about 1,472,514 — down roughly $22 million from the prior year — and said that, after accounting for recent state tax-law changes and local debt service, the district’s tax rate is expected to be about 0.5672. A board member clarified the change equated to a 6-cent increase, not 6 percent.
Officials said the Department of Local Government reviewer (VLGF, as referenced in the meeting) approved the budget that the district submitted, and that the district missed an allowable maximum by $783 — a small variance when considered against a multi-million-dollar budget. Board members moved and carried approval of the 1782 notice by voice vote. Staff said they will report back with statewide comparisons once other districts finalize their budgets.
