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North Knox School Corp presents budget, DLGF approval and tax-rate estimate of 0.5672
Summary
District staff reported DLGF approval of the budget, proposed a tax rate of 0.5672 (up from 0.4974), and said assessed value fell to $1,001,472,514, down about $22 million from the prior year; the board approved the required 17 82 notice.
Staff member (S1) presented the district—s 17 82 notice and said the Department of Local Government Finance reviewed and approved the budget filing. S1 told the board that assessed value for the district (AAV) stands at $1,001,472,514, a drop of roughly $22,000,000 from the prior year, and that the proposed tax rate for the year would be about 0.5672, up from 0.4974 last year. "This year's tax rate is gonna be at about 0.5672," S1 said while explaining the rate increases were driven partly by project debt and statewide tax reform that lowered assessed values.
S1 also noted the district missed a specific maximum add-on figure by $783 and that, despite the rate change, the district remains in the lower tier of tax rates statewide. After discussion and questions, the board moved to approve the 17 82 notice required for submission to the DLGF; the motion carried by voice vote.
