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2010 Property Tax Levy

2010 Property Tax Levy. Prairie Grove School District 46. Sources of Funding. Property taxes are the single largest source of funding . Levy Process. Tax Levy is done once per year Board determines estimated amount in November Truth in Taxation Hearing Approval and filing in December

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2010 Property Tax Levy

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  1. 2010 Property Tax Levy Prairie Grove School District 46

  2. Sources of Funding Property taxes are the single largest source of funding.

  3. Levy Process • Tax Levy is done once per year • Board determines estimated amount in November • Truth in Taxation Hearing • Approval and filing in December • Final determination in April • First receipts in May

  4. Levy Cycle • Levy approved in December based on calendar year 2010 assessments • Roughly half of 2010 levy is received by D46 in FY2010-2011 • The other half of 2010 tax levy is received in FY 2011-2012

  5. Tax Cap Law Limits growth in levy to the lesser of 5% increase or CPI New property or a referendum will allow larger increases Disconnects levy from budget Tax rate goes down when EAV goes up Tax rate goes up when EAV goes down (current situation)

  6. Taxpayer Partnership Plan • TPP put in place starting with 2006 tax levy • Addresses over-collected referendum taxes in 2001-2004 • Abates the Bond and Interest Fund levy each tax year • Total taxes abated - $1.6 million over four years • Taxpayer of home valued at $300,000 saved over $130 per year since 2006

  7. What’s on the Horizon? • CPI looks like it will be around 1% for next year, limiting property tax revenue • Little new property • State funding is very uncertain and may be for a couple of years • Federal funding will go back to normal levels after stimulus is done this year

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