Bay District Schools proposes lower millage rate
PANAMA CITY, Fla. (WJHG/WECP) - In April, Bay District School Board members worked to raise the millage rate to bring in more money to the district. Thursday, a new formula was approved to be advertised to bring in more money, but not with higher taxes.
This new formula is a proposed lower millage rate for the upcoming school year. This means the district is looking to make more revenue without raising your taxes.
As property values in Bay County go up, the state is proposing a lower millage rate for the upcoming school year.
“So when you multiply it by a lower rate, it still generates at least as much money, actually a little bit more money,” District CFO Jim Loyed said.
The new rate saves $12 per $100,000 of assessed property value.
“That’s as simple as you can put it. The rates down and the revenue’s up,” said Loyed.
If your property value is the same as last year, you pay less in taxes.
The new proposed rate of 5.84 mill is lower than last year’s 5.96 mill. The millage rate has consistently gone down from year to year since 2009.
“And that’s because your property values do go up, so you don’t have to levy as much millage to generate the same amount of dollars,” said Loyed.
Loyed believes this change will bring in an additional one million dollars in discretionary funds. School Board Vice-Chair Pamm Chapman said it can be used toward raising teacher and employee salaries and bringing in more substitutes.
“We need our teachers to have that increase in pay,” said Chapman.
But how this money is specifically allocated will have to be discussed in an upcoming budget meeting.
“We’ll work within our budget, try to get the most we can for the teachers because hey, that’s our business,” said Chapman.
Working within the newly increased budget in hopes to have the best outcome for everyone at Bay District Schools.
Loyed wants to emphasize this lower millage rate has not been voted on yet and will be advertised for the next 30 days.
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