Property taxes statewide are likely to increase by about six percent for fiscal year 2021, the state commissioner said.
“The increase in the forecasted homestead property yield would result in an average homestead tax rate increase of 5.5 cents. The statewide base nonhomestead tax rate is forecast to be $1.654 in FY21, a six-cent increase from FY20.
Statewide education spending is forecast to grow by $71.5 million while the equalized pupil count is projected to decline by 427, creating a 5.53% increase in average equalized per pupil spending. This rate of growth is nearly double the expected growth in tax year 2020 property values (3%) or income (2.5%), and is the primary cause of the projected rate increase.
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