INDIAN RIVER COUNTY — The Indian River County School Board is prepared to keep its tax rates the same as last year, though that will mean less tax revenue for the district.
At a special School Board budget meeting Thursday evening, the board unanimously approved its total millage (or property tax) rate of 8.244, which means homeowners would pay approximately $8.24 per $1,000 of assessed value on their property.
The rate is 4.25 percent less than what the School District could have proposed in order to generate the same amount of funds as last year.
For a homeowner with a an assessed property value of $150,000 with a $25,000 homestead exemption, that would equate to approximately $1,030 that would go to the School District.
The School Board unanimously approved the proposed millage rates and budget for the upcoming fiscal year.
A public hearing is scheduled for 6 p.m. on July 28 in the School Board Chambers at the Teacher Education Center.
The School District’s budget for the upcoming year is $307.5 million.
