After five years of falling or holding steady, property values are finally rising and that means some new revenue for the Moline School District. Monday night, the board of education gave its preliminary approval to a tax rate and tax levy for next year.
Chief financial officer, Dave McDermott, says property values peaked in the district in 2011 at 840 million dollars, but then dropped a total of 32 million through this year. The county is now estimating an increase of 3.7 per cent next year.
"It's good news for public entities - for public services, for public safety, for public education, for roads, and all that use tax dollars."
As a result, McDermott is recommending lowering the tax rate for Moline schools by three-tenths of one per cent.
"So for a $100,000 home - they would see a decrease in their tax bill to the Moline School District of about $5."
The Moline school board will hold a public hearing next month (11/14), and adopt a tax levy for next year in December, as required by state law. He's recommending an increase of about 3 per cent.
