By Staff
SUMMER SESSION Jalisa Wooten, 8, T'Keyah Bramlett, 8, and Brittney Cooksey, 7, participate in Boys and Girls Club summer educational programs at Northeast Elementary School. Photo by Carisa McCain/The Meridian Star
By Steve Gillespie/The Meridian Star
June 28, 2001
The Meridian School Board approved a .48-mill tax increase Wednesday as it adopted the 2001-2002 budget. The Lauderdale County School Board has also adopted a new budget, with a tax increase of 1.7 mills.
So, what does this mean?
Ad valorem, a Latin phrase meaning "according to value," is the tax based on the assessed value of property. It is a primary source of revenue for state and municipal governments.
When a government body talks about a millage rate, it refers to the amount of tax paid per dollar on a piece of property's assessed value. One mill is worth one-tenth of a cent. A mill equals $1 for every $1,000 in assessed value.
Many variables go into computing ad valorem tax. All taxable property is assessed at a percentage of its true value. For example, the tax rate for a Class I home (single family, owner occupied) is 10 percent. The tax rate for motor vehicles is 30 percent.
Steve Gillespie is a staff writer for The Meridian Star. Call him at 693-1551, ext. 3233, or e-mail him at sgillespie@themeridianstar.com.
What it means to you:
This chart shows the effect the city and county school budgets will have on a range of home values if all other millage rates were to remain unchanged. New budgets for city and county governments will not be proposed until September.
Meridian:
The Meridian Public School District's millage rate increase will
generate about $365,000.
Value of home/ Tax this year/ Tax next year/ Difference
Lauderdale County:
The Lauderdale County School District's millage rate increase will generate about $730,000.
Value of home/ Tax this year/ Tax next year/ Difference