For a third year, the mill rate for taxes is remaining flat at $12.77 per $1,000 of assessed value.
It doesn’t mean your taxes will be the same as last year’s, however.
The board unanimously approved the mill rate Monday night, along with the $71 million budget for the 2019-20 year. Two board members, Meredith Stier-Christensen and Debbie Biddle, were absent from the meeting.
Tax bills can fluctuate throughout the district, based on the taxpayer’s the municipality and when their property was last reassessed.
For Town of Verona taxpayers, a reassessment in their properties this year to match them to the market rate will impact this year’s tax bills, and City of Verona residents could see changes next year after the reassessment on their properties is completed. City of Fitchburg residents are even harder to predict, with properties in high activity areas being the focus of assessors, and others being left alone.
The total tax levy for the district is $61,550,874, a little more than $750,000 higher than was projected this summer. That’s partly due to higher than predicted enrollment for the 2019-2020 academic year; an increase of 110 students doubling the projected number, which accounts for a little less than a third of that increase, district business manager Chris Murphy told the board Monday.
A little less than two-thirds of that increase comes from additional Department of Instruction funding for transfer of services for students with special needs not enrolled in the district when the projected numbers were completed, Murphy said.
Other factors that increased the tax levy were an increase in school choice funds of just over $100,000 and refunds on previously paid taxes of $3,084.
Despite the increase in the tax levy, the mill rate will stay the same, and the district will instead use $4.3 million of leftover funds to increase its payment of its state trust fund loans to $18 million used for the new high school construction, Murphy told the board.
That will save the district around $443,000 in future interest payments on the loans and help with future expenses, as a 2021 budget will exceed the revenue cap for operating costs, he added.