ROSEMOUNT, Minn. – The District 196 School approved the 2018 (payable 2019) property tax levy following the district’s truth in taxation hearing held during the Dec. 10 regular board meeting. The approved levy of $95,300,392 represents the maximum levy amount established by the state and is $4.3 million or 4.8 percent higher than the current year’s levy.
Director of Finance and Operations Jeff Solomon said the biggest reason for the increase is the annual inflationary increase the district receives on the 10-year operating levy that was approved by voters in 2013.
The Minnesota Department of Education calculates the maximum levy limitation for each public school district in the state. The School Board approved a preliminary levy at the maximum amount in September. In November, Dakota County mailed notices to all property owners showing estimated taxes for their city, the county, school district and other taxing agencies.
The total value of all property in District 196 increased by 7.1 percent over last year to $16.7 billion. Payable 2019 property taxes will be spread across this total valuation.
The value of the average home in District 196 rose from $277,000 last year to $298,665 this year, an increase of 7.8 percent. School taxes on last year’s average-value home will decrease by 1.9 percent, if there was no increase in the assessed value of the home. If the assessed value of last year’s average-value home increased to the current district average, school taxes on that property will increase by approximately 6.2 percent or $81 for the year.
Local property taxes represent approximately 20 percent of the revenues District 196 will receive this year. The other sources are state aids and credits (61 percent), federal aid (4 percent) and the remaining 15 percent from other sources such as self-insurance, gifts, donations and miscellaneous revenues such as food service fees, activity fees and admissions.