The estimated tax impact for debt will increase the district’s mill rate $1.02 beginning in 2024. This increase of $1.02 in the tax rate per $1,000 of property value translates to an increase of $102 per $100,000 of fair market property value each year until the debt is paid off.
My Property Is Getting Assessed!
If you are being reassessed, it means the local assessor is adjusting the assessed values of the properties in your municipality to reflect current market conditions. The process is intended to bring the assessment in-line with the Fair Market or Equalized value of your property and is necessary to ensure fair distribution of tax burden.
Reassessment does not change the tax revenue the school district collects, but it can shift the amount you personally contribute. If your new assessment increases more than others in the municipality, your share of the taxes may go up. Conversely, if your assessment decreases or increases less than others, your share will go down.
For additional information contact your local municipality/assessor or go to Department of Revenue (“DOR”) 2024 Guide for Property Owners.