The annual cost per $100,000 of appraised value for a property owner will be $318.52 per year and will not raise taxes, said Warren County Auditor Matt Nolan. The revenues are for general operations of the district.
During School Year 2022, property tax and homestead/rollback revenues made up 60% of the Lebanon school districts total general fund revenues, said district Treasurer Karen Ervin.
Superintendent Isaac Seevers said the proposal by the school board is to combine the three emergency levies that will continue to generate the $12.2 million with a substitute levy that will also allow the district to capitalize on the future growth that is projected for the Lebanon area.
As new development projects have been announced and are in the early phases, Seevers said the district is projecting 500 to 1,000 new students over the next 10 years.
Seevers said the district has relied on passing emergency levies which range for three to five years and is limited to a specific dollar amount of taxes collected. It does not allow new development dollars to benefit the current taxpayers or the school district with additional funds from the growth.
He said a substitute levy allows multiple emergency levies to be combined for a specific dollar amount and the ability to capture additional tax dollars through new growth such as a new subdivision or industrial/commercial development. These levies can be voted for five or 10 years or for a continuing or permanent amount of time.
The substitute levy will not increase taxes for current residents and will generate the same revenue as the three emergency levies have raised, he said.
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