Rise in property value: For the first time in eight years, property evaluation in the Whitehall City School District has increased, according to the district’s fiscal-year tax budget for 2017.
“This is a sign of good things happening in the school district from an economic-development standpoint,” Whitehall Treasurer Steve McAfee said.
The district’s evaluation increased from $217.9 million last year to $221.8 million this year, according to the tax budget.
The rise is attributed chiefly to an increase in the value of commercial property in the district, McAfee said.
Several other sources comprise the district’s total $221.8 million evaluation.
As a result, the effective tax rate homeowners will pay in 2016 will decrease, even if by the slightest amount.
“Under (Mayor) Kim Maggard’s leadership, we have been much more aggressive in our commercial development, and we are thrilled to see these efforts are bearing fruit,” Whitehall Development Director Zach Woodruff said.
The budget for fiscal year 2017 begins July 1 and projects a net loss of $740,875, but the tax budget is “very near break-even for the biennium,” which includes the budgets for fiscal year 2016 and 2017, he said.
The district began the biennium period with a cash balance of $10.23 million and is projected to end with a cash balance of $10.17 million, McAfee said.