by Kate Evans
The Morgan County School Board formally adopted the same proposed regular state school levy and special levy rates for Fiscal Year 2020 that they approved at their March 19 special meeting at Pleasant View Elementary.
The board has adopted the same levy rates for the last five fiscal years.
The school board’s action occurred at their reconvened March 19 special meeting that was held at the school board office on April 16. The original March 19 special meeting was adjourned following approval of the proposed levy rates.
Tax rates
The special levy or excess levy tax rates that were adopted are:
Class I properties—16.08 cents per $100 of assessed value; Class II—32.16 cents; and Class III and Class IV—64.32 cents per $100 of assessed value.
Owner-occupied homes in Morgan County are considered Class II properties.
School regular levy or current expense levy tax rates set by the state that were adopted are:
Class I—19.40 per $100 of assessed value; Class II—38.80 cents; and Class III and Class IV—77.60 cents per $100 of assessed value.
Class I properties, which are personal property used in agriculture, are totally exempt from taxation. Class II properties are owner-occupied residential and farmland properties.
Class III properties are commercial and all other properties located outside of municipalities.
Class IV properties are commercial and all other properties inside of municipalities.
Special levy
For a home appraised at $200,000 with an assessed value rate of 60% or $120,000, the special levy tax would remain at $385.92-the same as the last five years-with the proposed levy rates.
The special levy payment is in addition to regular state school levy taxes, county taxes and also municipal taxes that would be applicable if a homeowner resides within the Town of Bath or the Town of Paw Paw.
Projected revenue up
The projected net tax revenue to be collected for Fiscal Year 2020 through special levy taxes is
$4,250,065, some $126,633 more than last year’s projected $4,123,432.
Projected revenue from the state regular school levy for Fiscal Year 2020 is $5,025,014— $149,721 more than last year’s projection of $4,875,293.
Projected revenue is minus allowances for uncollectables, exonerations, delinquencies and discounts.
The total projected revenue from the combined regular school and special levies is $9,275,079- some $276,354 more than last year’s projected revenue of $8,998,725.
Assessed values rise
Total county assessed values for Class II, III and IV properties are $1,055,735,536 for Fiscal Year 2020, which rose some $30,809,241 from $1,024,926,295 in Fiscal Year 2019.
Total assessed values for Class II properties are up to $691,989,410-a rise of $19,324,604 from last year’s projected value of $672,664,806.
Class III property values were estimated at $320,184,268-an increase of $13,414,025 from last year’s value of $306,770,243.
Class IV properties dropped to $43,561,858-a decline of $1,929,378 from last year’s $45,491,236.
Budget process
A school board budget workshop will be held at the Tuesday, May 7 regular meeting that’s scheduled for 9:00 a.m. at the board office. The school budget is also scheduled to be approved for publication at the May 7 meeting.
A budget hearing is scheduled for Tuesday, May 21 for 7 p.m. with the budget adoption set for later in the meeting. The May 21 meeting will take place at the school board office.
