Understanding School Levy Rates and Assessed Values in Jefferson County
Learn about the FY17 Proposed Levy Rates, types of school levies, the levy process, Jefferson County levy revenue breakdown, assessed values, and trends in regular and excess levy data. Discover how Jefferson County allocates tax collections to support its schools.
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FY17 Proposed Levy Rates 3/14/16 Overview FY17 Assessed Values Current Expense Levy (Regular Levy) Bond Levy Excess Levy Summary 1 FY17 Proposed Levy Rates 3/14/16
Overview Per WV Code 11-8-12, Boards of Education are required by law to: Set the proposed excess levy rates Submit to the State Auditor s Office for approval Reconvene (on the 3rd Tuesday in April) to officially adopt the approved levy rates 2 FY17 Proposed Levy Rates 3/14/16
Types of School Levies (Taxes) Current Expense Levy (Regular Levy) Bond Levy Excess Levy 3 FY17 Proposed Levy Rates 3/14/16
Overview of Levy Process Assessor Certifies assessed value of property and projects total property tax collections. Sheriff Prints tax statements and mail to taxpayer by July 15th. Sheriff distributes taxes collected to the levying body by 10th of each month. Regular Levy Sheriff distributes taxes collected directly to JCS. Step 9 of the Public School Support Program (PSSP) formula is reduced by this amount. Bond Levy Sheriff distributes taxes collected for the bond levy directly to Municipal Bond Commission. (JCS receives check copy from Sheriff). Excess Levy Sheriff distributes taxes collected for the excess levy directly to JCS. 4 FY17 Proposed Levy Rates 3/14/16
Jefferson County Levies ~75 % of Jefferson County tax collections are allocated to Jefferson County Schools (varies depending on municipality vs county) In FY15 ~ 39% of Jefferson County School Revenue was attributed to levies (property taxes) Jefferson County Levy Revenue by Type: Regular Levy 41% ~$16.7M Bond Levy 7% Excess Levy 52% ~1.7M ~20.1M 5 FY17 Proposed Levy Rates 3/14/16
FY17 Assessed Values Assessed values up ~ 6% (.0578) FY17 Assessed Values $ 3,391,981,820 FY16 Assessed Values 3,206,540,423 Increase (6%) (.0578) $ 185,441,397 6 FY17 Proposed Levy Rates 3/14/16
Regular & Excess Levy Trend Data FY11 FY12 FY13 FY14 FY15 FY16 @ 2/29/16 FY17 Proposed Budget 38,499,863 37,131,070 36,261,945 36,955,349 37,585,889 37,956,409 39,507,299 Actual 39,011,746 38,035,101 36,299,946 36,290,456 36,589,323 30,238,273 39,507,299 Variance 511,883 904,031 38,001 (664,893) (996,566) (7,718,136) 0 Variance % 101.33% 102.43% 100.10% 98.20% 97.35% 79.67% 0 Allowance 5% 5% 4% 4% 4% 5% 5% 7 FY17 Proposed Levy Rates 3/14/16
Current Expense Levy (Regular Levy) Rate set by Legislature Step 9 (of 10) of the Public School Support Program (PSSP) formula for determining state aid Inverse relationship with state aid FY17 Regular levy revenue budget increase $552,973 8 FY17 Proposed Levy Rates 3/14/16
Bond Levy Requires voter approval 2004: $19.1M bond for 16 year term with 2020 maturity date 2012: bond was refunded but maintained maturity date of 2020 Municipal Bond Commission (MBC) determines annual levy needed to satisfy principal and interest payments Additional 5% 10% is collected and placed in reserve until the end of bond issue 9 FY17 Proposed Levy Rates 3/14/16
Excess Levy Requires voter approval Excess levy has been approved by Jefferson County voters since April 16, 1946 Excess equals supplemental funds to support/supplement both instructional and operational needs of Jefferson County Schools Current rate is at 100% Rate set by Board of Education Current Excess Levy has a 5 year term (FY17-FY21) from July 1, 2016 to June 30, 2021 Direct relationship with assessed values FY17 excess levy revenue budget increase $956,940 10 FY17 Proposed Levy Rates 3/14/16
Voter Approved Current Excess Levy Call PURPOSE AMOUNT WVU Extension Services (community and schools) 30,000 Local public libraries 90,000 Instructional, media and technology materials for students 820,000 School Allocations (materials & supplies) Professional development, national certification & other teacher/service personnel benefits Salary assistance for teachers and service personnel not covered under the state formula (librarians, art teachers, music teachers, nurses, counselors, custodians, instructional assistants), stipends & extended contracts (coaches, band), and substitutes 425,000 1,250,000 16,531,219 TOTAL 19,146,219 11 FY17 Proposed Levy Rates 3/14/16
Excess Levy Budget Trend Data %Incr (Decr) YEAR AMOUNT $Incr (Decr) 22,985,156 20,095,312 19,114,430 18,430,223 18,590,509 18,934,835 19,146,219 20,103,159 -3% $ (761,624) -14% (2,889,844) -5% -4% 1% 2% 1% 5% FY10 FY11 (980,882) (684,207) 160,286 344,326 211,384 956,940 FY12 FY13 FY14 FY15 FY16 FY17 -15% $(3,643,621) TOTAL 12 FY17 Proposed Levy Rates 3/14/16
Summary Levy rates may be raised/lowered to adjust revenue (if not @ 100%) Excess levy rate is at 100% FY17 proposed levy rates recommended at 100% 13 FY17 Proposed Levy Rates 3/14/16
