SOLON– Residential property owners in the Solon school district may not feel the slight decrease in the school’s levy on assessed property this year.
The school board will recommend a scant drop of .017 percent from $16.97 per $1,000 of residential assessed value to $16.96 per $1,000. It’s the third lowest property tax rate in 10 years for Solon schools.
Before you spend your .017 percent, know that the state’s assessment limitation, set by the Iowa Department of Revenue on residential (and other) property, also rose this year, from 48.53 percent to 50.752 percent.
For the residential property owners in the district, the state’s rollback offsets the tax decrease and will add up an another 38 bucks on the assessed value of a $100,000 home, going from $824 to about $860 dollars.
The Solon levy is higher than in the Iowa City school district, where a $100,000 property is taxed $717.
For Solon schools, cash reserves will drop by $68,746 from fiscal year 2012 to 2013 to $697,466.
The board will hold a public hearing on the proposed budget at the April 9 Solon board meeting; it must be certified by April 15.