Pierce County School Board projects will keep their millage rate the same as last year, but some taxpayers may see a very slight tax increase this year.
The school board proposes setting its millage rate at 14 mills for this year. The board approved advertising its five year history, giving notice of the tax increase and setting public hearings on the millage rate during a called meeting last Tuesday morning.
Under state law, three public hearings are required for tax increases. The hearings are scheduled for 8 a.m. Thursday, September 5, 5 p.m. Monday, September 9, and 6 p.m. Tuesday September 17.
Finance director Melanie Helms gave a presentation on computing the millage rate.
Helms explained, the county projected a millage of 13.994 mills to fund its operations. However, that number would be just a smidgen under the 14 mills the state requires for schools systems to be eligible for equalization money.
Equalization money is state funds given to local school systems based on property wealth per student. Pierce County is considered a low wealth district because of its tax base. Pierce County Schools are projected to earn $5 million in equalization money for the 2024-2025 school year. Helms explained if the school system gave a full rollback, it would no longer qualify for the $5 million in equalization money.
The loss would require a roughly 6 mill increase in property tax to make up the difference.
Helms said taxpayers with home values under $400,000 will notice less than a dollar difference between the proposed millage and the rollback rate.
