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?