School taxes likely will fall
A reduction in property values around the Farmington School District should mean lower taxes next year for district residents.
The District 192 School Board on Monday approved a preliminary tax levy of $19,632,920. That's down from $20,902,219 million last year. According to finance director Jeff Priess, the reduction is due primarily to the fact the state is picking up a bigger portion of the costs.
The shift is the result of an approximately 6 percent reduction in property values districtwide. The change does not affect all district funds, but it has some big impacts in certain areas. In the district's debt service fund, equalization aid from the state, paid out to districts with lower property values, will increase from $2.8 million to $4.2 million.
"That's a huge, huge reduction in the levy," Priess said.
The district's preliminary levy for debt service is $13 million, down from $13.9 million last year.
The change should mean residents will pay less in taxes to the school district.
The preliminary levy sets a maximum the district can collect from taxpayers. That levy can decrease between now and when a final levy is approved in December.