Statewide voters to decide on 10.5 mill increase in Limestone resident’s taxes
An amendment to allow the city of Madison to collect an additional 10.5 mills of property taxes from city residents inside Limestone County will be on the Nov. 4 ballot. Because the change will be an amendment to the state’s constitution, it will be decided by a statewide vote.
The change would equalize the tax amounts for Madison residents inside Madison and Limestone counties.
The same goes for residents of Madison County except those residents pay an additional 10.5 mill district tax.
The referendum would add that 10.5 mills to Madison residents in Limestone County.
The referendum will not affect any other Limestone County residents.
“It is really just an equity issue,” Dee Fowler, Madison City Schools Superintendent, said.
Fowler said if the referendum passes it would not add any spendable revenue to Madison City Schools because they school system is required to pay 10 mills of the collected tax to the state in order to receive its share of the States Foundation Program, which makes up a large percentage of the school system’s budget each year.
At Monday’s City Council meeting, Mayor Sandy Kirkindall gave a presentation explaining the proposed tax increase.
In the example he gave, he said that if a home was valued at $300,000 then the home owner would pay about $1,800 under the new rate or about $315 more.
