Explanation

The visual above details the taxing structure of the levy as a distribution between property tax and a 1% income surtax. This is based on the most recent property valuations and income tax receipt information within the district.

This visual first shows that the increase of $0.67/$1000 of assessed value on property within the district will result in revenues of approximately $540,312.00/year or $5,403,120 over the course of 10 years. 

As previously noted, the district will provide a more equitable distribution of this tax burden by using a 1% Income Surtax. Such a surtax is also currently used on the previous Voted-PPEL Levy. The total estimated income tax receipts for individuals living within the Grinnell-Newburg Community School District is approximately $12,858,711. 

The 1% of derived from this surtax, approximately $128,587.11, is then subtracted from the total amount of property tax generated by the increased levy per year. This results in approximately $411,725 being collected through property tax and the remaining through the cited income surtax.

To estimate the impact on property tax per $1,000 of assessed value the percentage of property tax to be collected after the income surtax is considered is divided by the estimated total available to be through property tax originally.  This equates approximately 76% with an estimated cost of $0.52/$1,000.  To be conservative in calculations an estimated cost of $0.53 has been used as the reference point.