The Fulton Public Schools' Board of Education unanimously approved a tax rate decrease for the 2019-20 school year Wednesday evening.
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The decision came at the district's annual tax levy hearing at its monthly board meeting at Fulton High School. The tax rate will decrease from $4.7695 per $100 of assessed value to $4.6076 per $100.
"Everything went about as I expected (at the hearing)," FPS Superintendent Jacque Cowherd said.
Cowherd said FPS board members were first presented with numbers for the upcoming school tax rate in February. He said the district's operating service levy is determined by the state auditor, and the district felt it had room to slightly decrease that tax rate.
The district has decided to increase its debt service levy while lowering its operating levy.
The approved tax rate decrease would mean an owner of property valued at $100,000 would pay approximately $53 less per year for their school taxes.
Cowherd said within this tax levy, the district will be eligible to use the $27 million needed to move forward with their strategic facilities improvement plan, per a public vote in April 2020. The targeted $27 million would come from the current debt services levy.
"The way we structured our levy will let us borrow new money under our same payment plan without our taxpayers having to pay anymore," he said.
Cowherd said, in even-numbered election years, a four-sevenths vote is required for this bond issue to pass compared to a two-thirds vote in odd-numbered election years.