Provo City School District will consider a tax increase for the FY27 school year. This increase will be an approximate 4% increase in total revenue. This increase will represent an estimated change in rates from .006922 to .007220. The impact of this tax increase and the reasons for the tax increase are listed below.
Current Tax Rate and Revenue
Current Provo City School District Tax Rate: 006922 (including Debt Service, Basic Rate and Charter School Rate)
Current Budgeted Tax Revenue: $76,715,845
Requested Budgeted Tax Revenue: $79,864,945
Proposed Provo City School District Tax Rate (without change to official state Basic Rate):.007220
Impact of tax increase on $500,000 home/business
Home – Old rate – $1,903.55 / New rate – $1,985.50 / Difference of $81.95
Business – Old rate – $3,461.00 / New Rate – $3,610.00 / Difference of $149.00
Reasons for Tax Increase (Affected Funds)
Justification for Proposed Revenue Increase
A tax revenue increase of $2,500,000 – General fund (direct to teacher/staff salary increases)
A tax revenue increase of $1,500,000 – Capital Projects fund (interest payment for Lease Revenue Bond payments)
This includes a decrease in the Debt Service fund of $850,900.
The net increase in property tax revenue overall is $3, 149, 100.
