School district taxes are going down in 2022 for St. Johns County homeowners.
On Sept. 14, the School Board unanimously voted to adopt a rate of $5.81 per $1,000 of a property’s assessed taxable value, a 14-cent reduction from last year when the rate was $5.95.
The board also unanimously voted to adopt the budget for fiscal year 2021-22. The total budget is $1,013,657,451. Of that, the general operating fund is $443,185,221.
The approved rate is the lowest in more than a decade, made possible in part due to the increase in property values. Countywide, the assessed property value stands at $37,077,961,902, an 8.68% increase over last year’s figure of $34,114,092,651.
Of each $5.81, the district keeps 75 cents for discretionary funding and $1.50 for capital projects. The rest, called the required local effort, is turned over to the state for redistribution. This ensures that poorer districts receive equitable funding.
Due to rising property values, actual dollars collected will increase next year – even though the tax rate will be reduced. The 2021-22 rate is expected to bring in $215,497,115. Last year’s rate brought in $203,089,368.
Had the board been able to reduce the rate further to match the rolled-back rate, it would have generated the same amount of money as last year. The current rolled-back rate is $5.69 per $1,000 of taxable value.
The rolled-back rate is the tax rate that would generate the same amount of revenue as the previous year should it be applied to the district’s current property value. However, the state determines the required local effort, which the board cannot change.
Under the approved rate, the owner of a $400,000 home with a $25,000 homestead exemption would pay $2,179.50 in school taxes next year. This is a reduction of about 2% from what the same property owner paid last year.
The budget includes a 6% increase in capital outlay funds for motor vehicles. The district intends to purchase 41 new school buses this year.
