NEW LONDON, WI- At a recent meeting, the New London School Board greenlit an 18% tax levy increase for the 2023-24 fiscal year. The district’s general operations levy (Fund 10) will rise to $8.91 million, up from $7.2 million in 2022-23. Property owners can expect a 5% increase in tax rates, reaching $5.82 per $1,000 of property value. Total property values surged by 13% in the past year.
The increase’s impact on property owners varies based on location and property value changes. Joe Marquardt, the district’s business services director, attributed the tax increase to shifts in state revenue limits. He noted that New London had historically ranked low in spending authority per pupil but would now align with the majority of school districts.
New London’s revenue cap for 2023 is $11,334 per pupil, up from $24.95 million in 2022-23, with an estimated cap of $26.48 million for 2023-24. State general aid is expected to increase to $17.14 million, though the final figure will be confirmed later.
Marquardt explained that while the district has an additional $1.5 million in levy authority, equalization won’t apply until the following year. Statewide, equalization aids increased by 3% for 2023-24, with an expected 4% increase in 2024-25.
He highlighted that revenue caps have not kept pace with inflation, with New London missing out on $3,100 per pupil annually due to this disparity.
Comments