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franklin county times

School boards OK new budgets

By Staff
SUMMER SESSION Jalisa Wooten, 8, T'Keyah Bramlett, 8, and Brittney Cooksey, 7, participate in Boys and Girls Club summer educational programs at Northeast Elementary School. Photo by Carisa McCain/The Meridian Star
By Steve Gillespie/The Meridian Star
June 28, 2001
The Meridian School Board approved a .48-mill tax increase Wednesday as it adopted the 2001-2002 budget. The Lauderdale County School Board has also adopted a new budget, with a tax increase of 1.7 mills.
So, what does this mean?
Ad valorem, a Latin phrase meaning "according to value," is the tax based on the assessed value of property. It is a primary source of revenue for state and municipal governments.
When a government body talks about a millage rate, it refers to the amount of tax paid per dollar on a piece of property's assessed value. One mill is worth one-tenth of a cent. A mill equals $1 for every $1,000 in assessed value.
Many variables go into computing ad valorem tax. All taxable property is assessed at a percentage of its true value. For example, the tax rate for a Class I home (single family, owner occupied) is 10 percent. The tax rate for motor vehicles is 30 percent.
Steve Gillespie is a staff writer for The Meridian Star. Call him at 693-1551, ext. 3233, or e-mail him at sgillespie@themeridianstar.com.
What it means to you:
This chart shows the effect the city and county school budgets will have on a range of home values if all other millage rates were to remain unchanged. New budgets for city and county governments will not be proposed until September.
Meridian:
The Meridian Public School District's millage rate increase will
generate about $365,000.
Value of home/ Tax this year/ Tax next year/ Difference
Lauderdale County:
The Lauderdale County School District's millage rate increase will generate about $730,000.
Value of home/ Tax this year/ Tax next year/ Difference

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