Property taxes for residents of the Moline School District may go up slightly next year. Tonight, the board of education will hold a public hearing on a proposed tax levy.
Chief Financial Officer, Dave McDermott, recommends reducing the levy by one-half of one per cent, and raising the property tax rate by the same amount. That will at least partially make up for falling property values in the district - the overall value, the "e-a-v," stands for "equalized assessed value. "
"The eav in the Moline School District has declined two years in a row for the first time in over 25 years. It's a hardship for all taxing bodies but it's especially hard for school districts since their most stable revenue source is local property taxes."
Two years ago the e-a-v for the Moline district was 840 million dollars but now it's 817 million - a drop of nearly 3 per cent.
McDermott says his recommendation, for the owner of a 100,000 dollar home who's assessment has not changed, will mean an increase in their tax bill for the Moline schools next year of about 8 dollars. After tonight's public hearing, the Moline school board will probably take a final vote on the levy next month.