JANESVILLE — The Janesville School District is eyeing a 3.9% increase to its portion of the tax rate on property tax bills that go out in December.
The school district is proposing a $49.8 million total tax levy, and a tax rate of $7.70 per $1,000 of assessed value, or $1,540 on a $200,000 home.
The school district’s tax rate was $7.41 last year, an impact of $1,482 for a $200,000 home.
The district expects a $2.07 million deficit in the 2024-2025 school year. That tax levy for that year is expected to be $53.6 million, with a tax rate of $8.13.
The district got a boost for 2023-24 with a $325 per pupil revenue limit increase. The district expects its fund balance — its rainy day fund — to stay flat at about $24.9 million.
Chief Financial Officer Dan McCrea constructed a budget model based on a revenue limit of $325 per student, a ceiling per member of $11,000 and aid per student of $742.
That model projects a $2.07 million deficit in the 2027-28 school year. After 2024-25, the tax levy is expected to rise to just shy of $61 million, yielding a $9.06 tax rate, with an impact of $1,812 on a $200,000 home. The tax rate is then projected to rise to $8.73 in 2026-27 and 2027-28.
The school district has had an energy efficiency exemption, which was at about $1.4 million in 2021-22 and about $1.5 million last year. Starting this year, it is about $1.6 million and will be through 2026-27. That exemption falls off in 2027-28.