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CFO Jonathan lays out millage components, rollback rate and tax impact: $76.90 per $100,000
Summary
CFO Jonathan told the Putnam County School Board that the rolled-back rate is 5.1549 and the district's proposed millage (excluding debt) is 5.3730; he said the increase will raise school taxes by about $76.90 per $100,000 of taxable value.
Chief Financial Officer Jonathan presented the technical basis for the district's tentative millage and outlined how the millage components produce the tax impact residents will see.
Jonathan told the board the district's rolled-back rate is "5.1549" and that the proposed millage excluding debt is 5.3730 mills. He explained the difference (0.2181 mills) between the rolled-back and proposed rates and said the district's overall millage is 0.769 mills higher than last year. Jonathan said these changes are driven primarily by a state-mandated increase in the required local effort and a $464 million rise in certified taxable property values (from $8,524,000,000 to $8,988,000,000).
On homeowner impact, Jonathan gave a concrete example: "For every 100,000 in taxable property value a taxpayer has, they will see a $76.90 increase in their taxes due to the increase in our millage this year." He clarified in response to board questions that the $76.90 figure reflects this year's millage increase (including the new portion of debt service attributable to the most recent bond issuance) while the larger bond-related figure represents the cumulative cost of all issued bonds.
