09-24-1984 Council Packet - Laserfiche WebLink

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Y. -3- e0"emTfiCUla[ p[OgTm• These could include reduction s Sn subject, off [i!d stUdlnt6, mrtailmmt of library 49"ices, health service, chemical dependency, remedial reading. �Aysiul education, music Sc and art. Additional cut, would be made In odminiscretion, I'l at all toehars and etics, IIntramuurrals,ere wdrlimate a Some 'nlc activities and Otherlco-curricularclass ! programs 3gweL. Athletics, er scchool dayuwouldebe-reduced. Our North Centraluaccreditatlon,a of faciliticou sIds be affectedlar. What will 1t not the homeowner' Although the district is seeking permission to levy 45 mills, there will be no actual increase neat year unless your property valuation vas Sncru s<d this year. And, In my event, your school taxes should b! reduced somewhat after 1987. This situation results from several factors: 1. The impact of the referendum would be only 3 mills because of certain "tradeoffs including the canceling of levies for a road assessment and asbestos cla an up. Homestead credit also reduces tax for rea sea for lover priced homes. 2. The actual locrasas on each property In the district in 1985, the first year of collection for the now referendum, will depend on the school's mill rate. State and county officials' prellmlmrry calculations show that Orono 1279 will enjoy a 6.322 increase In assessed valuation in the 1984 assessment, payable 19B5, which will reduce the millage increase by over 3 mills, offsetting the entire net increase from the referendum. Thus. unit sa & t a 1 ti h d in 19 - total school taxes will re •In ch same even if the referendum posses. 3. In 19B7 the district's separate levy for bonds and interest will be decreased by 2% mills because almost all building debt will be paid. This will result in a credit to taxpayers the following year for most of the referendum amount and a reduction in taxes. The district does recognize that some taxpayers will have an increase in 1985 because of property revaluation this year. For such taxpayers, the impact based on a 3 mill increase (45 mills lose tradeoffs) would be as shown on the chart bel w. The net cost of the 3 additional mills will depend upon the combined Federal and State tax bracket of the Individual homeowner because real estate taxes are 1002 deductible from Income. The gross cost beror. tax deduction Is based on the taasble market value assigned to your property, which is often ' -er than Its actual sole value. COST OF REFERENDUM TO ECMEOWyER FOR 3 MILL INCREASE (If •,ou had a 1984 change in assessment) fist Per Month in 1985 Af,er Federal and State Jocose To. Deduction 1984 Market Value Shown on 1905 Prop- Gross Tax 20% 30% a erty Tax Statement Incraa Be* bracket bracket Starker: Bracket ck $ 50,000 $ 12.64 $ .84 $ .74 $ •63 $ .53 60,000 32. 34 2.16 1.89 1.62 1.35 80,000 49.68 3.31 2.90 2.48 2.07 100,000 67.69 4.51 3.95 3.38 2.62 120.000 $5.68 5.71 5.00 4.28 357 150,000 112.66 7.51 6.57 5.63 4.70 • Wore Federal/State tax deduction reflecting max loin in each bucket. For $50-60,000 market values, senior Citlxen and!or low Income ($0-25,000) ad)ustnlnts reduce above figures substantially.