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Tax initiative
The Iron County School District is proposing increases in the Board Local and Capital levies for 2024. As shown, these increases are mostly offset by a significant decrease in the Debt Service Levy, which allows for property tax assessments to remain relatively consistent when compared to last year. It is the goal of the ICSD Board of Education to provide the highest quality education and facilities possible without overburdening local taxpayers or causing significant fluctuations in taxes from year to year.
Board Local
The increase in the Board Local levy is to ensure that the Iron County School District continues to qualify for the maximum amount of state guarantee money allowed by law as certified tax rates decrease over the next five years. The Board Local Levy was last increased in 2019 and 2014 prior to that.
Capital
Revenue generated by the Capital Levy is used to finance significant facilities maintenance projects and equipment purchases identified on the District's 10 year Capital Facilities Plan. Capital funding will also be used to make payments on lease revenue bonds issued to finance an addition to Canyon View High School and a new transportation facility. The ICSD Board of Education aims to maintain the Capital Levy tax rate at .001 to keep up with rising costs. It will evaluate the revenues generated and capital needs to determine if increases are necessary at least biannually. The Capital Levy was last increased in 2019.
Debt Service
The Debt Service levy rate is set to generate sufficient revenues to pay the principal and interest on outstanding general obligation bonds that come due each year. As bonds have been paid off, this rate has decreased and is set for a significant decrease in 2024.
Understanding Your Tax Notice
Even though the notice above shows a 29.3% increase for the County Basic School Levy, this individual’s total property taxes and the amount paid for the County Basic School Levy are actually decreasing from what they paid in 2023. In 2023, they paid $596.40 in County Basic School Levy taxes, and for 2024, even with the proposed levy increase, that portion will be $583.25, a reduction of $13.15. Because the overall taxes would decrease in 2024 if rates aren’t adjusted, the increase in tax and percentage for the levy appears much higher than the actual change from 2023 to 2024.
It is important to understand your property tax notice since the amount you pay is affected by many factors including any changes to the taxable value of your property.
Property taxes are levied to pay for the operating, capital and debt service needs of the district. These funds are crucial in providing quality educational opportunities to students.