IRSD board approves tax rate for FY18

SELBYVILLE – At its regular monthly meeting on June 19, the Indian River Board of Education approved a property tax rate of $3.097 per $100 of assessed value for fiscal year 2018.

The new rate represents an increase of 51.9 cents from FY 2017.

Most of the increase (49 cents) stems from a successful current expense referendum on March 2, 2017.

The district also made slight adjustments to the other components of the tax rate, increasing tuition and minor capital improvement while decreasing debt service.

Despite the increase, Indian River still has the lowest school property tax rate in Sussex County.

The chart below illustrates the tax rates (per $100 of assessed value) for the past two fiscal years.

Tax Component          FY17                      FY18                    Adjustment

Current Expense              $1.86                     $2.35                     $0.49

Debt Service                       $0.216                   $0.194                   ($0.022)

Tuition                                  $0.47                     $0.52                     $0.05

Minor Cap                           $0.032                   $0.033                   $0.001

TOTAL                               $2.578                 $3.097                 $0.519                  

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