Property Tax Growth Projections

Posted on October 8, 2013 by  
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LASD Property Taxes Future YearsProjections for property-tax growth, the Los Altos School District’s major revenue source, are rising, district officials said at a board meeting earlier this month.

Reporting numbers from the 2012-2013 district budget, Randy Kenyon, assistant superintendent for business services, said the property-tax projections for the current school year stand at 8.7 percent, a significant jump from the 5 percent growth rate estimated in June.

Kenyon said property-tax growth is based primarily on housing turnover, which boosts the assessed value of the property.

The average assessed value of local homes is $1.18 million, with 55 percent of parcels assessed lower than the average. Eighteen percent of the parcels in the district are assessed at less than $200,000. Seven years ago, 26 percent of homes were assessed at less than $200,000, and 60 percent were assessed at less than the $834,000 average.

With the growth larger than predicted and the district’s current reserve fund 5 percent higher than its target level, the district may have funds to add to its educational offerings.

With the unexpected revenue, Superintendent Jeff Baier asked trustees to consider the possibility of rolling out full-day kindergarten across the district. The district currently offers full-day kindergarten only at Gardner Bullis School.

“The decision on full-day kindergarten is one that as a district we need to make soon if the intent is to install it next year,” Baier said. “We begin (promoting our program at) preschools in early November.” 

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