If you're a property owner, chances are you're paying close attention to the upcoming Indian River School District Referendum that could significantly affect your property tax bill. This referendum, if approved, will lead to a 30% increase in total property tax. While the specifics are still being finalized, it’s important to consider the potential effects, especially during a time of uncertainty surrounding property values and tax assessments.
Approving a referendum that raises property taxes is especially challenging amid uncertainty about how much they will increase—if at all. Many homeowners are still reviewing the recent property assessments mailed by the Tyler Corporation, which estimate property values and serve as the basis for future tax calculations. However, these assessments are not final, and many property owners are contesting their valuations, leaving the exact impact on individual tax rates uncertain.
If you wish to appeal your recent tax assessment, you have until the end of March to do so. Submit your appeal here.
The main goal of the referendum is to generate a "net zero" increase in total property tax revenue. In other words, the aim is to ensure that the increase in property tax revenue does not lead to an overall net gain for the local government. This makes it difficult to predict exactly what your tax rate will be until all reassessments are completed. That said, we can still estimate what the new tax rate will likely be. The current tax rate is 20.5 cents per $100,000 of assessed value. The proposed referendum will add an additional 6 cents per $100,000 of assessed value. So, if you’re wondering how much your property tax bill could rise, here’s a breakdown:
Assessed Value | Without Referendum Increase | With Referendum Increase |
$100,000 | $205 | $265 |
$200,000 | $405 | $530 |
$300,000 | $615 | $795 |
$400,000 | $820 | $1,060 |
$500,000 | $1,025 | $1,325 |
$600,000 | $1,230 | $1,590 |
$700,000 | $1,435 | $1,855 |
$800,000 | $1,640 | $2,120 |
$900,000 | $1,845 | $2,385 |
$1,000,000 | $2,050 | $2,650 |
It’s important to note that these are estimates, and the final tax rate will depend on the reassessment process, as well as any adjustments made to meet the “net zero” target.
To help you better understand how the referendum will impact your property tax bill, you can also use this property tax calculator available here.
Now it is up to voters to decide if the tax increase is warranted for what the Indian River School District requests and proposes.
For details on the referendum, be sure to check out our previous article here.
You can also contact Indian River’s Referendum Hotline at (302) 436-1079, visit their website, or email any questions to referendum@irsd.k12.de.us.
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