Residents living within the boundaries of the Fox Point-Bayside School District can expect a 2.87 percent increase in the property tax levy. At the same time, however, the tax rate is expected to drop by 1.82 percent.
The School Board approved a finalized 2007-08 budget of more than $10.7 million. The largest revenue source, the levy, is to increase $245,635, from $8,550,051 in 2006-07, to $8,795,686 for the current school year.
The levy is prorated based on the three governing entities that are served by the district: 72.6 percent of taxes will come from village of Fox Point residents, 25.4 percent from residents in the Milwaukee County portion of the village of Bayside and 2 percent from residents in the Ozaukee County portion of the village of Bayside.
Residents in 2006-07 paid $7.13 per $1,000 of property value. In 2007-08, the overall tax rate has been set at $7 per $1,000 of property value.
Over the past 10 years, the rate has been trending downward from a peak of $9.35 per $1,000 of property value during the 1998-99 school year.
The figures, which have been approved by the School Board, deviate slightly from those approved at the district's annual meeting a month ago. Preliminary plans called for a levy of $8,759,480 and a tax rate of $7.09 per $1,000 of property value.
A few details accounted for the change in the levy, District Administrator Gary Petersen said. Among them: a $36,206 increase in the revenue limit.
Several pieces of information came in since the annual meeting, including state aid and enrollment figures. While the board approved the 2007-08 budget and certified the levy prior to passage of the state budget by Gov. Jim Doyle, there are no further alterations planned, Petersen said.
"What we've received from (the state Department of Public Instruction) on the 15th (of October) is what we'll receive," Petersen said. "Since we're not experiencing a decline in enrollment, there really isn't much that would affect us."
Property taxes account for nearly 72 percent of district revenue. On the other side, salaries and fringe benefits are the largest expenditure, taking up the same percentage of the operating budget.
School districts throughout the state are required to submit their certified tax levies to municipal clerks by Tuesday, Nov. 6.
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