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Rankin CSD 98 approves 2024 tax levy, accepts revenue recapture
Summary
The Rankin CSD 98 Board approved a 2024 aggregate tax levy increase of 4.997% and accepted $16,729.88 in revenue recapture; board members were told the increase remains under PTELL's 5% cap so no Truth in Taxation hearing was required.
The Rankin CSD 98 Board of Education voted unanimously Dec. 16 to approve the district's proposed 2024 tax levy and to accept a revenue recapture payment. Member Brittany Webb moved to approve the levy and Member Leann Kohl seconded; the roll call vote was 5-0.
Dr. Matt Gordon presented the levy, explaining the district must follow the Property Tax Extension Limitation Law (PTELL) and that the maximum allowable increase is the lesser of 5% or the Consumer Price Index (CPI). He said the district's recommendation is a 4.997% aggregate increase to capture entitled revenues. The presentation included the district's estimated 2024 equalized assessed value ($81,486,826) and estimated new growth ($1,239,000, which includes a $707,910 contingency). Dr. Gordon noted, "Since the aggregate levy increase is not above 5%, we do not need to conduct a Truth In Taxation Hearing tonight." (SEG 011)
Board materials showed 2023 levy totals of $3,106,188.39 (aggregate, revenue recapture, and bond/interest combined) and a 2024 levy request seeking $2,953,268 in aggregate plus $281,046 for bond/interest for a total of $3,234,314. The district also recommended accepting $16,729.88 in revenue recapture funds, a provision Dr. Gordon said is part of recent legislation and is treated separately from the levy request.
The board received CPI history and certified-rate estimates during the presentation: 2023 certified tax rate (all) 4.02312; 2024 requested certified tax rate 3.96912; anticipated certified rate 3.93866. Estimated change in a property tax bill per a $100,000 home was presented as roughly -$18.00 (requested) and -$28.15 (anticipated), according to board materials.
The levy approval was taken as an action item during the meeting and recorded in the minutes; documentation is available in the district BoardBook and on the district website.
