Residents in the Alton School District could see their taxes increase by as much as $12 over the coming year after district officials approved the proposed 2012 tax levy at last night’s meeting. The newly established levy is a little more than 6.5-percent higher than last year’s due to an increase in bond payments in the upcoming fiscal year.
District Director of Financial Services, Chris Norman, says that the levy is only an estimate based on expected changes in the equalized assessed value of property.
Norman also says that the district estimates high as a way to insure they do not lose money if the EAV rises by more than 5-percent. If the district did not hold a Truth in Taxation Hearing, they would have been limited to collecting 5-perecent of the additional funds should the EAV increase by more than 5-percent. The total amount levied for 2012 is $ 32,575,514.
In other business, board members unanimously voted to allow Superintendent Dr. Ken Spells to sign an intergovernmental property tax settlement agreement between the district and Olin Corporation. They also agreed to extend the district’s contract for fuel requirements with M&M Services.