The 16 percent real estate tax hike township property owners are staring down should drop threefold as the
Under the original proposal, approved last week, the property tax rate township residents were to pay next school year was based on a faulty number embedded in the
The incorrect number in the plan stems to a ratio the state calculates for school districts such as Susquenita, where students hail from multiple counties. Most of the students who attend Susquenita live in
When a district serves multiple counties, the state Tax Equalization Board determines the real estate tax burden property owners in each county are responsible for each year.
Next school year, the board had determined that 97 percent of Susquenita's budget was to come from the seven
That's up from about 2.49 percent of the budget Reed Township was responsible for last year. And to ensure property owners in the township would cover nearly 3 percent of next year's budget, the board hiked taxes on property owners there by 16 percent, while holding the line on taxes for
That should change on
There are only 195 taxable parcels in Reed Township. And a single commercial property sale in 2012 skewed the fair market values in the municipality, which unjustly led to the real estate tax burden to spike.
Reed Township resident
After making the necessary revisions, the state tax board sent the new figure to the state
Susquenita should get final approval from the
Property owners in Reed Township would see about
Township property owners would pay about 5 percent more compared to last year's tax bill under the revised plan, Carl said. He said he could not provide an exact millage rate until the new numbers are entered into the
But if the township's taxes were to increase by 5 percent as expected, the adopted millage rate would decrease from 22.66 mills to roughly 20.50 mills. That's up from last year's tax rate of 19.53 mills.
At 20.50 mills, a person who owns a property in Reed Township valued at
The tax rate for the municipalities in the
Carl said the average assessed property value in Reed Township is
The average property assessment in the
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