The Union Township School Board on Wednesday approved a resolution for a referendum that, if passed by voters, will increase property taxes.
The referendum seeks to raise up to $1 million each year for seven years through a maximum property tax increase of 22 cents on each $100 of assessed valuation. The increase is based on the net assessed value of a home, not the gross.
Superintendent John Hunter said after the board's approval the resolution will go to the state Department of Local Government Finance in Indianapolis for its expected approval and returned to the voters registration's and auditor's offices in Porter County.
The Porter County Election Board will set the election date. The referendum likely will be on the May ballot, Hunter said.
If approved by voters, the rate increase will be applicable from 2014 through 2020. A home assessed at $100,000 would have an increase of $65.17 a year. A $200,000 home's increase would be $194.53, and a $300,000 home would be $323.88.
The referendum will be worded so the increase never can be more than 22 cents. However, it could be less. The School Board will set the rate each year based on the anticipated need.
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