PHILADELPHIA â The Indian River Board of Education at Thursday nightâs board meeting approved a 2.6% increase to the tax levy limit of the last year. The move was part of ongoing discussions regarding the districtâs 2021-22 budget.
Tax levies are the total amounts of property taxes school districts must collect to balance their budgets after accounting for all other revenue sources â including state aid. The tax levy is the basis for determining the tax rate for each of the cities, towns or villages that make up a school district.
According to the districtâs business manager, Audrey Stevenson, the stateâs tax cap limits the growth in the property tax levy to 2% or the rate of inflation, whichever is less, with some exceptions. Any proposed tax levy over the maximum allowable tax levy requires a majority approval of 60% to pass.