Hamilton School Board members adopted a budget and certified a tax levy Oct. 19 that lessened some of the blow of losing $528,310 in state aid.
The tax levy – revenue generated through local property taxes – increased 5.99 percent, but the mill rate increased by only 2.7 percent because area property values increased 3.19 percent and the School Board used $400,000 from its fund balance to keep the tax rate down. The mill rate will go from $9.29 to $9.54 per $1,000 of property value.
Despite gaining an additional 82 students in 2009-10, Hamilton’s state aid dropped from $19.47 million to $18.94 million. The overall budget increased 3.27 percent to $48.71 million.
Each October, the School Board must adopt the budget, certify the tax levy and establish the tax rate after the Department of Revenue determines property values in the district. Tax bills are sent to property owners in December.