I. OPERATING MILLAGE RENEWAL PROPOSAL

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Presentation transcript:

Hancock Public Schools Operating Millage Proposal (Non-Homestead) May 6, 2014

I. OPERATING MILLAGE RENEWAL PROPOSAL This proposal will allow the school district to levy the statutory rate of 18 mills on all property, except principal residence and other property exempted by law, required for the school district to receive its revenue per pupil foundation allowance and renews millage that will expire with the 2014 tax levy.

Shall the currently authorized millage rate limitation of 18 mills ($18.00 on each $1,000 of taxable valuation) on the amount of taxes which may be assessed against all property, except principal residence and other property exempted by law, in Hancock Public Schools, Houghton County, Michigan, be renewed for a period of 5 years, 2015 to 2019, inclusive, to provide funds for operating purposes; if approved, the estimate of the revenue the school district will collect the first year of levy, 2015, is approximately $925,000 (this is a renewal of millage which will expire with the 2014 tax levy)?

II. OPERATING MILLAGE PROPOSAL This proposal will enable the school district to restore operating millage lost as a result of a potential reduction required by the Michigan Constitution of 1963, and this millage will be levied only to the extent necessary to restore that reduction.

Shall the limitation on the amount of taxes which may be assessed against all property, except principal residence and other property exempted by law, in Hancock Public Schools, Houghton County, Michigan, be increased by 1 mill ($1.00 on each $1,000 of taxable valuation) for a period of 5 years, 2015 to 2019, inclusive, to provide funds for operating purposes; if approved, the estimate of the revenue the school district will collect the first year of levy, 2015, is approximately $-0- (this millage is to restore operating millage lost as a result of the reduction required by the Michigan Constitution of 1963 and will be levied only to the extent necessary to restore that reduction)?

Operating Millage Proposal Projected Sources of Revenue for Per Pupil Foundation Allowance $1,135.00 Local Non-Homestead Taxes (18 Mills Times Non-Homestead Taxable Value Divided by Student Count) $5.891.00 From the State $7,026.00 Non-Homestead properties include: apartment buildings, rental homes, vacation property, vacant land, commercial / industrial property; NOT a family’s primary residence

Polls are open from 7:00 a.m. to 8:00 p.m. Don’t Forget to Vote Tuesday, May 6, 2014 Polls are open from 7:00 a.m. to 8:00 p.m.

Questions?