TAX
IMPACT
If approved, the bond would increase the current debt mills by 2.0 mills from the current 2.80 mills. The expected additional cost/year is listed below:
*Taxable value = approximately 1/2 of market value
We appreciate the continued investment the community has made in our school district and have been mindful of minimizing our impact on taxpayers by keeping a reasonable levy compared to many surrounding districts.
*Districts asking taxpayers for an increase on May 2, 2023
The increase in taxes could potentially be offset by the Michigan Homestead Property Tax Credit. Below is a summary of the revised Michigan Homestead Property Tax Credit:
2022 Michigan Homestead Property Tax Credit – Households that pay homestead property taxes greater than 3.2% of their annual income may be eligible for Michigan’s Homestead Property Tax Credit. Eligible households may deduct up to 60% (up to 100% for senior citizens, please see the senior credit table below) of the millage increase cost up to a $1,600 Homestead Tax Credit limit. The eligibility for the credit begins to decrease after household income exceeds $54,001 and ends completely after the household income exceeds $63,001. Please see below the general reduction table and senior credit table below:
