At its annual organizational meeting July 1, the Indian River School District Board of Education voted to lower the district’s property tax rate by five cents. The tax rate for fiscal year 2015 has decreased from $2.743 to $2.693 per $100 of assessed value.
“We are pleased to offer this tax break to the residents of the Indian River School District,” Superintendent Susan Bunting said. “Our parents and community members have always been supportive of our educational initiatives, including lending approval to several major capital improvement and current expense referenda in recent years. Therefore, it is with tremendous gratitude that we not only reduce the tax rate but continue to offer some of the lowest property taxes in Sussex County.”
Most of the decrease resulted from a reduction in the debt service portion of the tax rate. Although the district was required to sell bonds to finance a series of building expansion projects approved by residents in a Jan. 29, 2013 referendum, those costs were offset by the retirement of bonds from construction projects in 1994-95. This allowed the overall tax rate to be lowered despite a slight one-cent increase in the minor capital improvement portion of the rate.
To calculate their IRSD school taxes, residents should divide their property assessment by 100 and then multiply that number by the tax rate of $2.693. This will determine their overall tax burden for fiscal year 2015.