IOWA CITY– ICCSD has recommended a decrease in its property tax share from $14.59 per $1,000 of residential assessed value to $14.13 per $1,000.
The state’s assessment limitation, set by the Iowa Department of Revenue on residential and other property, rose this year, from 48.53 percent to 50.752 percent. The rollback change offsets the tax decrease and adds up to the smallest increase in several years for area residential property owners.
Homeowners in the district with an assessed property value of $100,000 will be levied just under nine dollars more than their previous tax bill.
State legislators set school districts’ allowable growth at two percent, up from the standstill zero percent of last year. The spending authority increase spells an ICCSD budget that will be up almost six percent, a scant $4 million boost for cash-strapped local public education.
About 33 percent of ICCSD’s spending authority budget income comes from property taxes, with the remainder coming mostly from state funding.
Over 80 percent of the district budget pays for personnel costs out of the general fund.
The district, which has over 12,000 students and 900 certified teachers, will spend over $6,000 per child in 2012-2013.
The board will hold a public hearing on the proposed budget at its April 3 meeting. It must be certified by April 15.