Indian River district lowers property tax rate for FY16

SELBYVILLE – The Indian River School District has lowered its property tax rate for the second consecutive year.

For Fiscal Year 2016, the district’s overall property tax rate will decrease from $2.693 to $2.689 per $100 of assessed value.

The change was approved by the Indian River School District Board of Education at a special meeting on July 13.

The decrease resulted from reductions in the debt service and minor capital improvement portions of the overall tax rate. These offset a slight increase in the tuition rate, which provides funding for special needs students.

The retirement of 20-year construction bonds and a decrease in overall interest payments allowed for the debt service reduction. The minor capital improvement reduction resulted from a balance carryover from the previous fiscal year.

Last year, the IRSD board approved a five-cent property tax decrease for FY15.

TAX CALCULATION: To calculate their IRSD school taxes, residents should divide their property assessment by 100 and then multiply that number by the tax rate of $2.689. This will determine their overall tax burden for Fiscal Year 2016.

 

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