District Lowers Property Tax Rate
District Lowers Property Tax Rate
Posted on 07/09/2018

At its regular monthly meeting on June 25, the Indian River Board of Education approved a property tax rate of $3.067 per $100 of assessed value for Fiscal Year 2019.

The rate represents a decrease of 3 cents from Fiscal Year 2018. The decrease resulted from reductions to the debt service and tuition components of the overall tax rate. The minor cap component increased slightly while the current expense component remained unchanged.

“We are very pleased to offer this property tax reduction to our residents,” Superintendent Mark Steele said. “This is fourth time in five years that we’ve been able to decrease our overall tax rate and offer savings to the parents and community members who have been so supportive of our schools. I want to thank Director of Business Jan Steele for her hard work in identifying the areas where we could relieve the financial burden to our taxpayers.”   

The chart below illustrates the tax rates (per $100 of assessed value) for the past two fiscal years.

Tax Component          FY18               FY19               Adjustment

Current Expense         $2.35               $2.35               $0

Debt Service               $0.194             $0.192             ($0.002)

Tuition                         $0.52               $0.48               ($0.04)

Minor Cap                   $0.033             $0.032             $0.012

TOTAL                       $3.097             $3.067             ($0.03)            

Indian River currently has the lowest school property tax rate in Sussex County.