Madison School District Considers 7.64% ($18, 719.470) Property Tax Increase for 2011/2012 Budget

Erik J Kass, Assistant Superintendent for Business Services:

The following analysis is done using the PMA Model information and is looking at the cost to continue budget figures that will be provided to the Board on March 14, 2011. The analysis includes the impact on the median home in Madison, and for that figure we contacted the City of Madison Assessor and were provided that value at $241,217. For comparative purposes ofthe effect on this home, we are using the assumed value from the 2010-11 analysis of$246,041 or 2%morethanthecurrentmedianvalue. Theequalizedpropertyvaluationforthe2011-12 budget year is also projected to decrease by 2.00% as part ofthis analysis.

What is the projected All Funds Property Tax Increase for the 2011-12 Budget Year?

$18,719,470 or a 7.64% increase when compared to 2010-ll actuals.

Where does the projected All Funds Property Tax Increase for the 2011-12 Budget Year come from?

Prior Decisions by the Board ofEducation:
Recurring Referendum from November of 2008: $4,000,000
4-K Levy Increase to start program: $3,554,415
Referendum Debt Service: ($2.327,900)
Subtotal: $5,226,515

Decisions to be made by the Board of Education:

Projected Revenue Limit Growth ($200 per pupil): $7,774,514
Projected Loss in State Aid: $4,515,523
Community Services Fund (MSCR and Non-MSCR): $469,460
Exempt Computer Aid (property tax relief): ($261,927)
Property Tax Chargeback ($4.615)

Subtotal: $13,492,955

Total $18, 719.470

The Madison School District's 2010-2011 budget increased property taxes by about 9%.

Posted by Jim Zellmer at February 12, 2011 4:13 AM
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