Milford residents will see their school tax rate go down once again after the Milford Board of Education voted to reduce taxes for the seventh consecutive year on Monday.
A copy of chief operating officer of the district, Dr. Sara Hale’s, proposal as outlined in meeting documents shows a detailed explanation of the tax rate reduction policy.
Hale says that several variables were taken into consideration, including the growth in property assessments, a second bond sale for the Milford Middle School Project, and debt service planning. These factors played a significant role in determining the school tax rates for the upcoming fiscal year 2024.
To better understand the tax rate proposal, Dr. Hale outlined the four major components that contribute to the school tax rate. The first component is the Current Expense Tax rate, which provides revenue to cover operating costs. The second component is the Match Tax, which is set by the local board of education and does not require a referendum for approval. Currently, Milford is only assessing the Minor Capital Improvement Match Tax to secure state funding for building repairs and maintenance.
The third component is the Tuition Tax rate, which generates revenue to cover the tuition costs of Milford School District students with special needs. These students require specialized services within the district or attend special schools both within and outside the state. Lastly, the Debt Service Tax rate generates revenue to pay off principal and interest associated with bonds sold for major capital improvements.
The Milford School District voted unanimously to decrease the tax rate for the seventh consecutive year. This is a noteworthy achievement, especially considering the sale of a new bond for the Milford Middle School project. It’s important to note that despite the successful referendum for the new school, this proposal does not raise school taxes. Instead, it lowers the overall school tax rate by 0.6 percent Hale explained in her proposal.
The meeting also marked an important transition for the school board as three new members were sworn in. Milford Board of Education members Adam Brownstein, Jean Wylie, Scott Fitzgerald, Ashlee Connell, Victor Elzey, Jennifer Massotti, and Matt Bucher were all present at the meeting. Connell, Elzey, and Massotti are all new to the board.
In addition, the board elected Fitzgerald as the president and Bucher as the vice president of the board.