Wednesday, 29 May 2024 11:26

Akron School Board Approves Tax Levy And Bond Issue For November Ballot Featured

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The Akron School Board has voted to ask taxpayers to approve a new tax levy and bond issue, in November.

It has been 12 years since voters last approved a levy to support Akron Public Schools, which in that time have seen enrollment drop for various reasons, including some students transferring to private schools, and using taxpayer dollars in the form of school vauchers, to pay for it.

In addition, the State of Ohio has reduced funding, costs have gone up, and North High School; which is one of the only ones in the city actually seeing an increase in students, is extremely old and in need of more than just repairs.

According to a press release from Akron Public Schools, the 7.6-mill operating levy would help fund the district's daily expenditures, and the 1.3-mill bond issue would pay for a new $85 million building for North High School.

The operating levy would cost homeowners $266, and the bond issue $45 per $100,000 of assessed value annually. The bond issue would last the life of the district's loan, which would be 35 years. The levy would be continuous.

The bond issue and the levy would begin collecting in January 2025 and bring in a total of $27 million annually. About $5 million of that would go toward North High School.

APS Chief Financial Officer Stephen Thompson has told the board and the public several times, "Let me remind you that the district does not benefit from rising property values in its existing levies — even though taxes have increased, the school district isn’t getting additional money from homeowners."

A 1970s Ohio law freezes tax rates at the point they were when first approved. In Akron's case, that was 2012. 

 

Read 989 times Last modified on Wednesday, 29 May 2024 11:49