Friday, August 17, 2012
The New Bloomfield School Board Thursday night approved a fractional cut in the tax rate for the 2012-13 school year.
The new rate is set at $4.2776 per $100 assessed valuation.
The previous total tax rate was $4.2799. That includes $2.9324 for the district’s general fund and $1.3452 for debt service.
In August of 2011 the board increased the debt service tax rate 20 cents in order to meet bond payments.
Superintendent David Tramel said the general fund tax rate is estimated to generate $1,225,000 and the debt service tax rate will produce $477,544, giving the district $1,702,544 in local tax funds to budget for the current school year along with state school aid funds.
He said a fractional cut in the rate was necessary because the district had an increase in assessed valuation.
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