A state-mandated reduction in school taxes will mean a modest decrease in many homeowners’ tax bills this coming year.
The Pasco County School Board on Tuesday set the millage rate for 2014-15 at 7.149, and are set to make a final decision on taxes at its September meeting. That is a reduction of 0.208 mills from last year.
One mill represents $1 of tax on every thousand dollars of taxable property value. So a $100,000 home with $50,000 in exemptions would pay $357.45 for the year. Assuming the homeowner’s property value didn’t change year over year, their tax bill would drop $10.40 in this scenario.
The Florida education commissioner certified the state required local effort at 4.901 mills, compared to 5.109 mills last year. The portion of the budget the school board controls kept the same tax rate as last year, including 0.748 mills for discretionary spending, and 1.500 mills for capital improvements.
The total budget for Pasco County Schools this year is just under $1.2 billion, according to a release. That’s up $119.9 million, or 11 percent, from last year, and includes both an operating budget of $544 million and a capital budget of $335 million. The operating budget cost rose 5 percent from $518.8 million last year.
The operating budget covers the cost of higher Florida Retirement System employer contribution rates as well as the cost associated to meet other state requirements like class size, health insurance and property premiums, among other things.
The budget also includes a salary increase for all employees.
The capital budget is up $90 million from last year, and includes spending on campus redevelopment in places like Pasco and Quail Hollow elementary schools. It also will cover a bond to build a new school, and fix heating and air-conditioning issues at various schools.
The final public hearing for the school budget is set for Sept. 16 at 6 p.m., in Land O’ Lakes.
