County Auditor estimated the rate to be 6.78 mills on the March 2000 bond issue for the new high school. Due to the re-appraisal related decrease, the actual increase in the bond rate for 2001 was only 2.62 mills. Operating levies are used to pay for teachers, staff, transportation, textbooks, supplies and materials. Mason City Schools' current operating tax rate is 21.49 mills. Rollbacks eliminate inflationary increases from an operating levy.
Inflation increases expenditures.
School operating levy revenue is not affected by home value changes, only new construction. A traditional levy has one levy millage amount A traditional levy collects more than required in the early years, which is invested and then used in the later years. In levy doesn't require current homeowners to pay a share of the taxes required by future homeowners. 6.95 Collection in 2003 add 1.50 Collection in 2004 add 1.50 Total 9.95 mills The state has until June to decide on the school funding controversy. Regardless of state's decision, an operating levy would be needed now.