Wed, 09/07/2016 - 12:28 RCN Newsdesk
The Covington Board of Education voted unanimously to take the compensating rate, and not to increase its property tax rate by up to the 4 percent allowed without a public vote.
This is the fifth consecutive year that the Covington Independent Public School District has opted to take the compensating rate - which adjusts the tax rate to meet the increase in property value so as to collect close to the similar amount as the previous year - instead of the full 4 percent.
Board member Glenda Huff cited the district's implementation of an ongoing process of reviewing the budget, which she says has "netted great results".
“We have been diligent and responsible in making sure taxpayers’ money is well spent,’’ Huff said in a statement. “By adopting the compensating rate, we will actually lower the tax rates.’’
The decision by the board decreases the reap property tax rate from 111.1 centers to 109.9 cents per $100 of assessed property values. The personal property tax rate will drop from 115.7 cents to 114.5 cents per $100 property valuation. The new rate is expected to generate $16,893,560 for the year.
“We are always looking for cost-saving measures,’’ said board member April Frese Brockhoff, in a statement. “We want to be good stewards of taxpayers’ money while giving our students the best education possible. We have been able to reduce costs and reduce the overall tax rate.’’
The board of education has three of its five seats up for election in November. Huff and Brockhoff are seeking reelection. Joyce Baker is not seeking reelection, meaning there is one open seat up for grabs. Challengers include former board member Mike Fitzgerald who lost a reelection bid in 2012, and first-time candidates Tom Wherry and Daniele Axtell.
Photo: John G. Carlisle School (RCN file)
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