The Waterford School District will ask residents in the Tuesday, Nov. 6 general election to vote on the renewal of an 18-mill levy on non-homestead property.
The renewal would be for a period of 10 years, from 2014 to 2023, and the district expects to collect $11.9 million in the first year of the renewal in 2014.
A mill is equal to $1 for every $1,000 of a property’s taxable value, which is generally equal to half the property’s market value. The owner of a non-homestead property with a taxable value of $100,000 ($200,000 market value) would pay $1,800 in the first year of the millage’s renewed collection, if approved.
The ballot language states: “This proposal will allow the school district to levy the statutory rate of 18 mills on all property, except principal residence and other property exempted by law, required for the school district to receive its revenue per pupil foundation allowance and renews millage that will expire with the 2013 tax levy.”
A non-homestead property is a building in which a homestead exemption cannot be obtained, such as a commercial or industrial facility or a second home.
The district states that this is not a new tax but instead is a proposal to continue an existing tax collection, nor is it a tax on homestead or principal residential properties.
Tax revenues from the renewal would go toward the district’s general operation.