District Projects Lower Property Tax Rate For Next Year

OAK CREEK, WI -- Officials in the Oak Creek-Franklin joint school district say that the property tax mill rate for next year will be slightly lower, according to their projections.

The school board will meet on Oct. 8 to review data, however stated in their meeting agenda that the district's mill rate is projected to be $8.47 per $1,000 of home value. That number is 19 cents lower than last year's figure of $8.66 per $1,000 of home value.

District officials said the overall tax levy has increased $412,796, however overall property values have increased by 3.5 percent.

Mill Rate Explained: A property tax mill rate is the amount of money that is $1,000 of assessed value of a property. To figure out a property owner's total out-of-pocket tax burden, it is important to factor in both the mill rate and any increases or decreases in property value. For example, if a property owner sees a slight mill rate decrease coupled with a higher property value increase, their total out-of-pocket tax burden will go up.

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