The Carroll County Schools Board this week will be deciding whether it intends to increase the property taxes the district will levy this year – or if they will offer some tax relief to property owners– when they tentatively adopt a millage rate for the coming year.
The school board has voted to maintain the millage rate of 17.998 mils for the last 5 years. However, by not choosing to roll back the rate, this equated in a tax increase for property owners in four of those years.
Preliminary totals suggest a $381.9 million increase to the tax digest this year, according to the schools’ financial officer.
Officials say if the board maintains the rate again for the coming year, this will generate a 6.6% tax increase over the rollback rate of 16.874 mills. The latter rate is predicted to generate the same total revenue as the current year.
Maintaining the current millage rate would result in an estimated $96.66 annual tax increase for the average homestead property valued at $225,000; and, a $78.68 annual tax increase for average non-homestead property valued at $175,000, according to the district.
One source of revenue which could be lower for the coming year is the state’s QBE funding, where the district estimates a $1.9 million decrease. They say the district’s equalization allotment will also decrease if the local millage decreases.
Last month, the BOE approved a budget that included General Fund, Special Revenue and Capital Project spending predicted to be around $235 million.
The board discusses the milage rate this evening before adopting a tentative rate on Thursday.
