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LEVY TYPES

LEVY TYPES. October 8, 2009. Regular operating levy for current expenses Continuous period or limited period 1-5 years Limited may be renewed or replaced Renewal levy – taxes are collected at the effective rate of the expiring levy.

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LEVY TYPES

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  1. LEVY TYPES October 8, 2009

  2. Regular operating levy for current expenses • Continuous period or limited period 1-5 years • Limited may be renewed or replaced • Renewal levy – taxes are collected at the effective rate of the expiring levy. • Replacement Levy – taxes are collected at the original millage rate(replacement levies give the district the benefit of growth in local property values over the life of the previous levy)

  3. Emergency levy • Period of one to five years • Proposes a specific dollar amount • Millage rate increases or decreases as property values change • Levy may be renewed at the same dollar amount

  4. Permanent Improvement levy • The proceeds can only be used to construct, add to or repair buildings, lay sidewalks, build parking lots, and make many other such improvements of school property and assets. • Permanent improvements are generally considered to be items lasting five years or more. • Levies for general, on-going permanent improvements may be levied for a continuing period of time. • Proceeds from permanent improvement levies cannot be used to pay current operating costs.

  5. Bond levy • Remains in place until the debt is fully paid • Provides local revenue for construction purposes • County auditor determines millage rate needed every year to service the principal & interest for that year • Proceeds cannot be used to pay current operating expenses

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