Janesville School Board lowers tax increase
JANESVILLE The Janesville School Board on Monday night trimmed a projected tax increase to an amount it hopes will be more palatable to taxpayers.
The board took $1 million from its budget reserve fund and another $500,000 in projected interest earnings to reduce the 2007-08 tax levy to $33.21 million.
That’s a tax increase of 14.2 percent over last year, instead of about 20 percent projected earlier.
But that’s not the bottom line for taxpayers. Lawmakers increased the school tax levy credit this year. The levy credit is subtracted from each property’s school taxes, so the average-valued house will see an increase in the school tax of about 8.7 percent, said Lauri Clifton, district comptroller.
That figure is well above the rate of inflation, but as board member Bill Sodemann pointed out, the voters asked for an increase when they passed the $70.8 million referendum to expand Craig and Parker high schools in 2006.
The first payment on the referendum bond issue is the biggest factor driving up taxes.
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