Thanks to one of our many Wickliffe lobbyists for this letter from the Wickliffe School Board.

Let’s check their math:

11.47 mills x $35.00 = $401.45 per $100,000 valuation per year
$401.45 / 12 = $33.45 per month 

For those that get the homestead exemption:

11.47 x ($35.00 x .75) = $301.08  per $100,000 market valuation per year
$301.08 / 12 = $25.09 per month 

Let’s take it to the next level, shall we:
Market Value w/o Homestead Ex.:  $100,000        $200,000      $300,000        $400,000
Increase per Year                                   $301.08          $602.16         $803.24         $1,204.32

Annual Increase in Income Needed
To Meet the HAT % (Inc. / 30%)       $1,003.60       $2,007.20       $2,677.46         $4,014.40

Remember the Housing Affordability Threshold says that if you add your mortgage, utilities, and property taxes, and their total equals 30% or more of your annual income then the house is deemed unaffordable for you.

You would divide the increase in annual taxes by your own personal HAT % and that equals the annual income that you need to avoid creeping closer to the 30% level.  The numbers shown above are the minimum annual income needed to pay the taxes if you are already at the 30% level.

Here are some questions you may wish to ask the school officials:

(1)  If the levy passes and the State gives them the $8.6 million will those savings be passed back to the taxpayers.

(2)  Are there any “double dippers” [getting their pension and salary], and who receives the “pick-up” [employer pays employee portion of their pension]?

(3) How much of the school’s operating expenses is paid out for all salaries, benefits and pensions? (Do not be surprised if they tell you 85%.  So when they say that they need to control expenses it is usually just the 15% they tackle.)

(4) If there is declining enrollment, how can they justify this spending level?

Categories: Lake, Lake County Cities & Townships, Tax Levies, Uncategorized, Wickliffe

Tags: FT