by Josh Jones
Times Tribune Editor
TROY — The Triad Community Unit School District No. 2 Board of Education approved the tentative estimated aggregate levy during its November Board of Education meeting.
According to information provided by the school district, the proposed corporate and special purpose property taxes to be levied for 2023 are $28,500,800. This represents a 10.35% increase over the previous year. The estimated property taxes to be levied for debt service and public building commission leases for 2023 are $6,005,884. This represents a 3.45% decrease from the previous year. The estimated total property taxes to be levied for 2023 are $34,506,684. This represents a 7.67% increase over the previous year. Everything from the district levy is based off of the Equalized Assessed Value (EAV) which is the value of all property within the District. For 2022, the EAV in the Triad District was $655,843,054. Superintendent Jason Henderson explained that school districts have levy rates for most of their funds set by the state.
“School Districts rely on the county to help us estimate how much the EAV is going to increase or decrease and then typically have to balloon that estimate to make sure we capture the full amount of the increase,” Henderson said. “Although the district’s levy request goes up, the Triad tax rate will almost certainly decrease based on this levy as it has for the past seven years.”
Henderson said that although the EAV for the previous year is released by the county every April, it must be estimated by taxing bodies during the prior November and December. Once the EAV is released in April, districts find out how much revenue they will receive by multiplying their fund rates by that EAV.
The fund rate limits for all of the restricted funds stay the same regardless of Triad’s EAV and are as follows: Education: $2.34 Operations and Maintenance: $0.50 Transportation: $0.20 Special Education: $0.04 Facilities/Technology Lease: $0.05 Working Cash: $0.05 Fire Prevention and Safety: $0.05.
“School Districts have to estimate their EAV based on the information we receive from the county. There is no penalty for overestimating the EAV, however, if districts underestimate it, they are limited to that estimate. In order to not underestimate the EAV, school districts always predict higher than what they think it is going to be, but this estimation has no effect on the tax rate, ” Henderson said.
A chart Henderson shared at the November Board of Education meeting shows that an EAV increase percentage of 4% for fiscal year 2025 would lead to an estimated decrease of eight cents in the property tax rate, while a 6% increase in EAV leads to a decrease of 11 cents and an 8% increase of EAV leads to a decrease of 13 cents in the property tax rate.
“Right now, our best guess is that the EAV will come in at about an 8% increase which will correspond to a 13 cent decrease in Triad’s tax rate,” Henderson said.
The tentative levy is currently on display. The public hearing on the levy is set for 6:30 p.m. Monday, Dec.18 at the Triad Central Office, located at 203 E. Throp Street.