爱上海,上海419论坛,上海龙凤419 - Powered by Draft School Budget Calls for 1.65 Percent Tax Increase

Draft School Budget Calls for 1.65 Percent Tax Increase

first_imgA preliminary budget presented to the Ocean City Board of Education on Wednesday anticipates a 1.65 percent increase to local taxpayers.The district had held the local tax levy flat at $21,640,721 for three consecutive years, but this year’s budget increases the levy by $357,180.The tax rate increases from 21.45 cents per $100 of assessed value to 21.84 cents. The increase of 0.3871 cents means property owners will pay an extra $3.87 in taxes (including debt service) for every $100,000 of assessed value. The owner of a $500,000 home (whose property was not reassessed) will pay an extra $19.35.As in recent years, the burden of increased taxes will not be shared equally. More than 4,500 Ocean City homes were reassessed this year as part of a multi-year program to bring assessed values in line with market values. Property owners whose homes values were changed may pay less in school taxes this year.The introduction of the budget on Wednesday is part of a process that will end with the adoption of a final budget and tax rate by May.Because the budget falls under the 2 percent cap on tax levy increases, it is not subject to voter approval.The operating budget for the district increases from $38,744,359 for 2013-14 to $40,398,729, but that figure anticipates the spending of $1,756,667 from a capital reserve fund for an Ocean City Primary School renovation.Personnel costs (salaries, stipends, benefits) make up the biggest part of the budget and increase by 1.8 percent to $31,411,634. Teachers are working under a contract that calls for 1.99 percent annual salary increases.The district will see $10,959,443 in tuition from sending districts and $2,294,950 in School Choice aid.The new School Choice program allows out-of-district students to apply to attend Ocean City schools — with the state paying Ocean City more than $13,800 for each student. The program has allowed the district to compensate for a declining enrollment and sustain programs without increasing taxes.Other school aid figures have not been released yet.School taxes are just part of an overall tax bill that includes municipal taxes and county taxes.last_img

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