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PROPOSED TAX
Based on the 2021 tax roll provided by the Department of Revenue and certified by the Commissioner of Education on July 16, 2021, the following is a summary of millages to be levied on the 2021 tax roll for the 2021-2022 fiscal year:
State Required Local Effort | 3.562 | 3.664 | (0.102) |
Prior Period Adjustment | 0.000 | 0.010 | (0.010) |
Local: | |||
Discretionary Effort | 0.748 | 0.748 | 0.000 |
Local Capital Improvement Millage Total Millage Levy | 1.500 5.810 | 1.500 5.922 | 0.000 (0.112) |
Proposed 2021-2022
Final 2020-2021
Increase/
(Decrease)
The taxable value of property in Pasco County has experienced an increase this year. The tax base increased $4.2 billion (it is now $39.2 billion) this fiscal year. This reflects an increase of 12.14% in the tax base. The required local effort is set at
3.562 mills. The Local Capital Improvement Millage will remain at 1.500 mills. The remaining 0.748 mills is Discretionary Millage. The 0.748 millage generates an average of $357.55 per unweighted full-time student. A compression adjustment is calculated to equalize the funding to all school districts at the State average level of $624.44. Since the Required Local Effort is set by the Legislature each year, the District School Board has limited flexibility in determining the millage. Additionally, the State bases the District’s funding on the assumption that it will levy the full 0.748 Discretionary mills. If the District fails to levy the full discretionary amount, it will lose $21.0 million in compression adjustment revenue from the State.
Under the proposed rate, the owner of a $175,000 home, after deduction of the $25,000 homestead exemption, would pay
$871.50, which is a decrease of $16.80 from 2020 millage.
School Taxes
2021-2022
School Taxes
2020-2021
ASSESSED VALUE | $ 175,000 | $ 175,000 |
Less: Homestead Exemption | (25,000) | (25,000) |
Taxable Value $ 150,000 $ 150,000 |
MILLAGE Amount Amount
Required Local Effort* | $ 534.30 | $ 549.60 |
Prior Period Adjustment | - | 1.50 |
Discretionary Effort* | 112.20 | 112.20 |
Capital Projects | 225.00 | 225.00 |
Total $ 871.50 $ 888.30
* Since the Legislature sets the rate, the District has limited flexibility in setting millage rates. The District is required to levy for the Required Local Effort and bases the compression adjustment on the assumption that the full Discretionary Millage is levied.