Opt-out will bring real property tax increase By David Lias How much will it cost me?
That�s a common question being asked by citizens residing in the Vermillion School District these days.
The Vermillion School Board decided to opt-out of the property tax freeze in the amount of $800,000 for the next five years to avoid further cuts to the general fund budget.
Voters will decide March 15 whether to approve the opt-out and increase their property taxes to generate additional revenue for the district.
If approved, the opt-out will have the following effect on local real taxes: Agricultural property, currently taxed at a levy of $3.32 per $1,000 in valuation, would be taxed an additional $1.20 per $1,000 in taxable value.
The current tax on owner-occupied property in the district is $5.34 per $1,000 in taxable value. An opt-out would increase the tax per $1,000 value on this type of property by $1.93.
Business, utility and commercial property currently is taxed $11.45 per $1,000 in taxable value. An opt-out would increase that tax by $4.14 per $1,000.
The current annual taxes on agricultural property with a taxable value of $100,000 is $332. Should the opt-out be approved, that figure will increase to $452, or $10 more per month.
The levy on owner-occupied property with a tax value of $100,000 is currently $534. The total tax would increase to $727, or $16.08 per month.
Current taxes on business, utility or commercial property valued at $100,000 is $1,145. An opt-out will raise taxes on this classification of property to $1,559.