A widespread drop in property assessments has caused the Duneland School Corp. to scale back on the additional revenue it expects to collect as a result of this year's referendum.
The district approved a proposed 2013 budget last week that calls for $4.9 million in additional revenue, as compared to a formerly expected high of $5.6 million, said Superintendent Dirk Baer.
The reduced amount still covers the targeted additional revenue of $5 million, he said.
Had the property assessments within the district increased, officials were looking at reducing the voter-approved tax rate from the maximum 22 cents to 20 cents per $100 in assessed valuation, Baer said. The school district is composed of Westchester, Liberty and Jackson townships.
The additional tax rate will be re-evaluated before the start of each of the seven years for which it will remain in place, he said.
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Estimated figures provided by the assessor's office show an $18.4 million assessment loss in Jackson Township and a $17.7 million loss in Westchester Township. A gain of $38.9 million is credited to Liberty Township as a result of the new hospital.
Snyder said one of the factors contributing to the reduced assessments is upper-end housing that was sold at reduced costs or foreclosed upon. One example in the Duneland district is the Sand Creek Country Club.
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