During its Oct. 25 meeting, the Marshall School Board incorporated adjustments and finalized the 2021-22 school budget as presented.

School district business manager Robert Chady explained to the board that the actual equalized property value is slightly higher than anticipated.

While the board planned on a potential tax levy of $7.67, Marshall’s mill rate comes out to be $8.14, or $814 for a $100,000 property.

It was still a drop from last year. While the $7.67 figure would have been a 26.7 percent decrease, the $8.14 number is just slightly more than a 22% decrease from last year.

It is the fifth time in nine years the district will have a decrease in the mill rate. Since 2013-14 when the district had a mill rate increase of 22.4% increase from the previous year. After that point, the only years without a decrease were 2015-16 when the mill rate was the same as the previous year, in 2017-18 when there was a 5.2% increase and in 2019-20 when there was a 0.4% increase.

Official equalized property value comes out to be $526,268,685, which is down from the estimate of $526,823,700 given at the Sept. 27 school board meeting. The finalized budget presents a general tax levy of $3,545,926.

According to Chady, the 2021-22 school year provides the lowest property tax levy and the lowest mill rate utilized since the 2012-13 school year.

“Everybody rejoice and appreciate the 2021-22 school year,” Chady said.

Chady told the board that retiring the elementary school debt and the steps the district has made to save interest expenses will ultimately result in an increase next year.

“We will see a rebound,” Chady added.

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