Final Budget With Lower Taxes

From the Wisconsin State Journal (similar article in Cap Times). Counter-intuitive but true.

Madison School Board OKs tax rate cut
Wisconsin State Journal

The Madison School Board approved lowering taxes on the average Madison home by $67.50, or 2.70 percent, at its meeting Monday night.

The tax rate will be $9.81 per $1,000 of assessed value, down from $10.08 for the 2007-2008 school year, a decrease of 2.7 percent. The owner of a $250,000 home in Madison will pay $2,452.50 in school taxes for 2008, according to the district. Last year, school taxes on a $250,000 home were $2,520.

Of the total budget, $226 million will come from the local property tax levy, an increase of $6 million, or 2.74 percent, according to district figures. The vote was 7-0.

A preliminary budget was approved in the spring. The board makes adjustments in October after enrollment and state aid figures are in for the school year.

A referendum appearing on voters' ballots next week would increase property taxes for schools by $13 million over three years. If passed, the referendum would add about $28 to the property tax bill of a home assessed at $250,000.

Posted by Lucy Mathiak at October 28, 2008 10:59 AM
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