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The Spencer County Board of Education is considering Superintendent Chuck Adams’ recommendation of raising taxes to produce more than $333,000 in additional revenues, citing district needs and continued cuts in state and federal funding as reasons for the proposed hike.
Property owners could be looking at paying slightly higher taxes if the board heeds Adams’ recommendation to raise real and personal property tax rates each to an even 60 cents per $100 of assessed value.
The public will have the opportunity to voice its opinion on the proposed posed rate increase Sept. 6, 6:30 p.m. at Taylorsville Elementary School’s media center. The proposal would raise rates from the current 58 cents on real property and 58.1 cents on personal property to 60 cents each — producing an expected revenue of $6,295,704.86. According to district Chief Finance Officer Vicki Goodlett, if the increase passes, it would mean $333,777 in additional tax revenue for the district annually.
According to documents provided by the district, that money would go to the following areas:
• $10,013 to fund collections of the taxes, which is handled by the Spencer County Sheriff’s Department
• $28,033 to the district’s building fund
• $60,000 to district transportation
• $36,000 to technology fiber connections
• $50,000 to technology
• $149,731 to instruction
Adams wrote in his Aug. 27 superintendent’s report to the board that he and Goodlett continue to analyze the numbers.
“As it relates to the tax hearing, I will be recommending an increase based on needs as well as the lack of state and/or federal revenue that provided us the luxury of not accepting an increase last year,” Adams wrote. “Currently, I’m in the process of placing a price tag on the initiatives going forward as Vicki and I continue to analyze and project contingency balances and allocation reductions that will result if we do nothing to increase the revenue stream.”
Public comment will be accepted and is encouraged at the Aug. 6 special meeting. It will be the public’s only opportunity to voice concerns or support of the proposed increase.