The school district tax rate is going down for the 13th consecutive time in FY 2022-23 to a historic low of $5.48 per $1,000 of a property’s assessed taxable value.
Though the district’s discretionary and capital outlay rates have remained unchanged over that time, the state’s required local effort has been shrinking annually since 2011-12. The required local effort is the tax funding that districts must turn over to the state for redistribution across Florida to ensure equitable financial support for the poorer districts.
The required local effort is the largest share of the tax rate. This year it stands at $3.24. Added to that is the district’s basic discretionary rate of 75 cents and $1.50 for capital improvement.
The 2022-23 tentative millage rate represents a 33-cent reduction from last year when the rate was $5.81.
The St. Johns County School Board unanimously adopted the tentative budget Tuesday, following the first public hearing on the proposal. A final vote will be held Sept. 13 following the second public hearing.
Helping to offset the reduced tax revenue is the county’s surging increase in property value, which is estimated at $45,659,707,648, a 22.91% increase over this year and a record high for St. Johns County. That figure is calculated using the homestead exemptions specific to school taxes.
The 2022-23 rate is expected to bring in $250,352,177. Last year’s rate brought in $215,902,623.
The amount of the full budget is $1,081,095,579. The general operating fund is $474,312,662. Salaries and benefits comprise 79.49% of the general fund expenditures.
With 50,198 students in St. Johns County Schools, funding per student is about $8,139, though that will change as the student population continues to grow with the influx of new families.
The rolled-back rate is $4.91 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.
Under the tentative rate, the owner of a $400,000 home with a $25,000 homestead exemption would pay $2,056 in school taxes next year.
