CAMDEN — The Preble Shawnee Local Schools Board of Education has clarified the estimated cost of a proposed tax and and bond issue for the district.
The estimated local share is $7.29 per month for a $100,000 home in the Preble Shawnee School District. Additionally, there is a .75 percent income tax for permanent improvements that will be used in conjunction with the bond issue to pay the cost of the proposed building projects.
Here is an example of how property tax is figured for the levy:
Market Value (as determined by the County Auditor) of Home: $100,000
Taxes are only assessed at 35 percent of Market Value: $100,000 times 35 percent (.35)
The result is the Assessed Value: $35,000
The Assessed Value of $35,000 is multiplied by 2.5 mills (.0025): $87.50/annually
$87.50 divided by 12 months: $7.29/month.