Homeowners in the Peoria Unified School District could save a few dollars on their property taxes next year, thanks to substantial increases in primary and secondary assessed valuations in the 150-square-mile district.
The primary assessed valuation is up 10.67 percent to $1,003,614,990; secondary assessed valuation is up 11.20 percent to $1,05,827,294, district officials said.
Although PUSD's primary tax rate actually increased by 14 cents, the district's secondary rate decreased by 24 cents, for a net decrease of 10 cents. Still, homeowners may see a hike in their property taxes due to inflation, according to Dan Davison, PUSD's assistant superintendent for business services.
"If a person's home value increased, they will see a tax increase, but not due to our rate," Davison said.
PUSD's primary tax rate is $4.56 per $100 of assessed value; the secondary rate is $4.04.
Davison called the 1.15 percent decrease "modest," but said it reflects the district's commitment to maintain a steady combined tax rate.
The decrease would mean a $10 annual savings for a home with a current value of $100,000.
Davison said the savings, if any, would show up in property tax statements mailed this month, since the Maricopa County Board of Supervisors approved the decrease in August.
District officials have projected that if voters approve a $112 million capital override in the November general election, the district's tax rate will remain the same.
If the seven-year override is approved, district officials plan to spend $57.6 million for elementary projects; $31 million in high school projects; and $23 million for educational technology and information management technology.
Voters approved $93.5 million in B bonds last year, but rejected a $70 million capital override on the same November ballot.
If the override is approved and subsequently generates additional property taxes, Davison said district officials would take the necessary steps to offset any increase.
"The administration and governing board would adjust sales of B bonds and the capital override levy to maintain the current tax rate," Davison said.
Property taxes could go down if the override fails, Davison said, but several factors, including assessed valuation, the primary tax rate, district cash balances and existing interest rates, would factor into the equation.
Reach the reporter at jbihn@star-times.com or (623) 847-4611.