The Indian River Board of Education approved a reduced property tax rate for fiscal 2020 at its reorganizational meeting July 1.
The new rate of $3.035 per $100 of assessed value represents a decrease of 3.2 cents from fiscal 2019.
The decrease resulted from reductions to the debt service, tuition and minor cap components of the overall tax rate. The average district taxpayer will see a reduction of approximately $6.61 in their annual tax bill.
“This marks the fifth time in six years that we’ve been able to offer a property tax reduction to IRSD residents,” said Superintendent Mark Steele. “These reductions have amounted to a total decrease of 22.7 cents since fiscal year 2015. As always, we are pleased to relieve the financial burden on our taxpayers, and I want to thank the district finance office for identifying these areas of savings.”
The only recent increase in the district’s property tax rate was in fiscal 2018 following the passage of a current expense referendum in March 2017.
Indian River currently has the lowest school property tax rate in Sussex County.
To calculate their school taxes, IRSD residents should divide their property assessment by 100 and then multiply that number by the tax rate of $3.035. This will determine their overall tax burden for fiscal 2020.