The Twin Rivers R-X held a tax hearing before the school board’s meeting on Tuesday night for the public to provide comment on the tax rate set by the district.
Assessed valuation for property in the district’s coverage area is expected to decrease by $135,909 in the current tax year, but an adjustment to tax rates will keep collections the same.
The 2018 tax rate was 3.0397% and the proposed rate for 2019 is 3.0647% or an increase of 0.025%.
When the assessed valuation goes down, said Superintendent Jeremy Seibert, the tax rate goes up, as a way to have the school make approximately the same amount each year. The district had a total assessed valuation of approximately $66.97 million last year and it is $66.83 million this year, according to board documents.
With this change, the district is looking to bring in a tax revenue of $1,832,070 to it’s operating fund, which is similar to last year.
No public comments were made during the hearing.
The board voted unanimously to approve the increase.