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District Cuts Property Taxes
District Cuts Property Taxes
Posted on 07/02/2019

At its reorganizational meeting on July 1, the Indian River Board of Education approved a reduced property tax rate for Fiscal Year 2020. The new rate of $3.035 per $100 of assessed value represents a decrease of 3.2 cents from Fiscal Year 2019.

The decrease resulted from reductions to the debt service, tuition and minor cap components of the overall tax rate. The average district taxpayer will see a reduction of approximately $6.61 in his or her annual tax bill.

“This marks the fifth time in six years that we’ve been able to offer a property tax reduction to IRSD residents,” Superintendent Mark Steele said. “These reductions have amounted to a total decrease of 22.7 cents since Fiscal Year 2015. As always, we are pleased to relieve the financial burden on our taxpayers and I want to thank the district finance office for identifying these areas of savings.”   

The only recent increase in the district’s property tax rate was in Fiscal Year 2018 following the passage of a current expense referendum in March 2017.

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

Tax Component          FY19               FY20               Adjustment

Current Expense         $2.35               $2.35               $0

Debt Service               $0.192             $0.177             ($0.015)

Tuition                         $0.480             $0.465             ($0.015)

Minor Cap                   $0.045             $0.043             ($0.002)

TOTAL                       $3.067             $3.035             ($0.032)                      

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

To calculate their school taxes, IRSD residents should divide their property assessment by 100 and then multiply that number by the tax rate of $3.035. This will determine their overall tax burden for Fiscal Year 2020.