Residents in the Waterloo School District will likely see a shift in their school taxes. During the Sept. 28 district budget hearing and annual meeting, Business Director Sharon Peterson said based on the current financial information, the 2020-2021 mill rate could decrease by roughly 8% for a total of $9.52. The 2019-2020 mill rate was $10.35.
The mill rate is determined by the equalized value of the district and the tax levy. This year, Peterson anticipates a 4.69% increase in property value. When property values increase, the mill rate decrease; when values decrease, the mill rate increases.
While budget numbers – including the mill rate – will not be finalized until the district’s pupil count, equalized value is calculated, and the state aid is certified, the budget presented at the meeting showed a general fund budget shows decreases in revenue and increase in revenue compared to the 2019-2020 budget.