Nevada R-5 School Board sets tax levy

The Nevada R-5 School Board met for a public hearing at 7:30 a.m., Wednesday, Aug. 29, at which time citizens could be heard on the property taxes proposed to be set by the school district, a political subdivision.

The tax rates are set to produce the revenues needed to operate the school for the fiscal year ending June 30, 2019. According to the Nevada R-5 Board, the tax is determined by dividing the amount of revenue needed by the current assessed valuation. The result is multiplied by 100, so the tax rate will be expressed in cents per $100 valuation.

The assessed valuation for real estate in the prior tax year (2017) was $128,029,097 which saw a decrease in 2018 with an estimated valuation of $127,872,820. The assessed valuation for personal property in the prior tax year (2017) was $48,363,539 and saw an decrease in 2018 to $48,016,273. The total assessed valuation for the prior tax year (2017) was $176,392,636 with an estimated valuation of $175, 889,093 for the current tax (2018).

The incidental property tax rate (per $100) proposed was $3.4741 with $6,110,563 as the amount of property tax revenues budgeted. This proposed tax rate had an increase of 6 cents from the previous tax year. The debt service property tax rate (per $100) proposed was $0.3386 with $595,560 as the amount of property tax revenues budgeted. This proposed tax rate saw no increase from the previous tax year.

The total amount of property tax revenues budgeted equalled $6,706,123 with a proposed total property tax rate of $3.8127. New revenues from new construction and improvements equalled $32,396 while new reveneues from reassessment equalled $57,725. The percentage of new revenue from reassessment is .9589 percent.

No public comment was made and a motion to set the tax rate as presented was made and seconded. The board approved the motion 5-0. The meeting was adjourned at 7:37 a.m.