BROOKSVILLE - Lower property values and a lower mill levy rate means $2,828,889 less tax-generated revenue in Hernando County School District's budget for the upcoming school year compared to last.
It also means a 2.33 percent reduction in property taxes for Hernando County home owners.
The school board held its first budget meeting Tuesday night where a proposed millage rate of 7.280 - a 2.33 percent decrease from last year's rate - is expected to generate a total tax revenue of $55,760,587 for the district.
The proposed millage levy is less than the rolled-back rate of 7.6914 by 5.35 percent. The roll back rate is what is needed to generate the same amount of tax revenue as the prior year.
That represents a $8.70 decrease in property tax for owners of homes with an assessed value of $75,000, $13.05 for $100,000 homes, $17.40 for a $125,000 home, and $30.45 for a $200,000 home. This assumes the property is valued the same amount as the previous year,
The weakened budget stems from a 2.55 percent decrease in taxable revenues from the county's tax roll, which leaves an estimated $7,978,563,915 for the 2013-14 year. However, the figures are considerably better than budget cut-backs the district saw in years following 2008.
The total tentative school budget amount is $279,500,563, according to information provided by the district.
"Our staff has worked extremely hard not having a CFO," said School Superintendent Lori Romano. "You've worked night and day. Thank you."
The next budget hearing will be held Sept. 17.