Tax Impact
The estimated tax impact of an approved referendum would be an increase of $0.73 per $1,000 of equalized fair market property value. For a home with a fair market value of $400,000 the total tax impact over four years is estimated to increase by $948. Please see the charts below for a breakdown of total tax increase versus total tax impact.
Tax Increase (related to Mill Rate)
|
Equalized |
2023-2024 Total Tax |
Year One Increase | Year Two Increase | Year Three Increase | Year Four Increase | Total Increase from 2023-24 |
|---|---|---|---|---|---|---|
| Mill Rate | $6.81 | $7.25 | $7.37 | $7.45 | $7.54 | $0.73 per $1,000 |
| $100,000 | $681.00 | +$44.00 | +$12.00 | +$8.00 | +$9.00 | = $73 increase over 4 years |
| $200,000 | $1,362.00 | +$88.00 | +$24.00 | +$16.00 | +$18.00 | = $146 increase over 4 years |
| $400,000 | $2,724.00 | +$176.00 | +$48.00 | +$32.00 | +$36.00 | = $292 increase over 4 years |
| $600,000 | $4,086.00 | +$264.00 | +$72.00 | +$48.00 | +$54.00 | = $438 increase over 4 years |
| $800,000 | $5,448.00 | +$352.00 | +$96.00 | +$64.00 | +$72.00 | = $584 increase over 4 years |
This chart outlines the amount of tax increase tied directly to an approved 2024 Operational Referendum.
Total Taxpayer Obligation to MTSD
This chart represents the total amount of taxes a homeowner pays to the school district. It is broken down by:
- Operating Levy (monies to general fund)
- Facilities Referenda debt
(from 2015 & 2020 capital referenda, which will expire in 2040) - Potential Operating Referendum debt (four year, non-recurring beyond 2028)
- Community Service Levy (funds M-T Rec. Dept.)
The tax impact here is represented by mill rate, which is the amount of taxes paid to the school district per $1,000 of equalized home value.
Total Tax Impact (actual taxpayer spend due to referendum)
|
Equalized |
Year One Increase | Year Two Increase | Year Three Increase | Year Four Increase | Total Tax Impact Over 4 Years |
|---|---|---|---|---|---|
| $100,000 | $44 | $12 | $8 | $9 | $237 |
| $200,000 | $88 | $24 | $16 | $18 | $474 |
| $400,000 | $176 | $48 | $32 | $36 | $948 |
| $600,000 | $264 | $72 | $48 | $54 | $1,422 |
| $800,000 | $352 | $96 | $64 | $72 | $1,896 |
This chart outlines the actual tax impact (the total amount taxpayers would pay out of pocket) tied to an approved 2024 Operational Referendum.
How did we do the math?Ex. $400,000 Equalized Home Value
| Equalized Home Value | Year 1 | Year 2 | Year 3 | Year 4 | Total Impact of Referendum |
|---|---|---|---|---|---|
|
|
$176 |
|
$176 |
$176 |
= $948 taxed |
Year-Over-Year Tax Impacts (Click to view slideshow)
