ISD 192 school levy continues to decline

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The Farmington School Board approved a 2013 property tax levy Monday that continues a trend of declining tax bills for district residents.

The $18,918,152 levy approved Monday is a reduction of $97,522 from the levy the district approved last year. The levy is also $370,995 less than the preliminary levy approved in September, thanks primarily the refinancing of more than $17 million remaining on a bond sale from 2005. The board voted in September to approve that move while waiting on two other refinancing opportunities in hopes of saving more money later.

“Had you not taken advantage of that opportunity, you would be looking at least a half-million dollar increase in your tax levy,” finance director Carl Colmark told board members at a public hearing for the levy.

The decrease might have been larger, but the levy also includes an increase of $238,224 for payments on bonds to fund post-employment benefits for employees.

No residents spoke about the levy at Monday’s meeting.

In the end, the levy approved Monday will likely mean lower taxes for district residents. The owner of a $150,000 home in Farmington will pay an estimated $949 in school district taxes in 2013, a decrease of $43 from taxes paid in 2012 and a decrease of $199 from taxes paid in 2010. The owner of a $250,000 home will pay an estimated $1,724, a decrease of $55 from last year and $245 from 2010.

Taxes should decrease for owners of commercial and industrial property as well, with the owner of a $500,000 property paying an estimated $4,038 next year, down $80 from last year and $768 from 2010.

Board members approved the levy with little discussion. Board member Tim Burke attempted to amend the levy at the last minute to remove more than $400,000 included for alternative teacher compensation, but his motion did not receive a second. Burke was the only board member to vote against the proposed levy.

Tags: school district 192, news, farmington, education