What Would It Cost Me?
School taxes would stay the same or decrease slightly for most taxpayers if the referendum is approved because previous building bonds are being paid off. However, some would see increases due to a number of factors.
Based on research done by the school district’s financial advisors and Mike Shafer, CPA, the district’s Chief Financial Officer, the following general observations can be made in regard to comparisons between the current 2019 tax bills and those projected for 2023, which is the year in which the maximum tax impact of the proposed new capital projects referendum is forecast to occur:
- All property would see a decrease in the current school property tax rate.
- Due to interactions with the Indiana tax caps and the tax rates of the other local governmental entities (town, county, library), this would not guarantee a reduction in the actual tax bill for all taxpayers.
- All properties in the 3% tax cap category, which is all businesses, as well as all other commercial, industrial, and miscellaneous property, would see decreases in the total school tax bills.
- Most properties, over 90% of them by our calculation, in the 2% tax cap category would also see small decreases in the total school tax bill. The 2% property cap category includes agricultural and rental properties, as well as multi-family housing.
- For properties in the 1% cap category, defined as homestead properties occupied by their owners, the interaction with the various tax rates, cap limits, and applicable deductions and exemptions becomes quite complex. A tax calculator is available below to help determine impact for individual taxpayers. Many homes will stay the same or see a decrease; some will see an increase.
ZCS patrons who have difficulty utilizing the calculator shown above may pose questions to ZCS Chief Financial Officer, Mike Shafer, CPA by email at firstname.lastname@example.org .