JUST THE FACTS
The Cardinal Local School District is putting a 5.5 mill levy on the May 2 ballot (Issue 1). If passed, the levy would generate around $1.7 million for the General Fund Budget beginning in 2018. Please visit the Cardinal Schools Levy webpage for additional levy information. | Levy Cost Calculator
G-TV Levy Information Program
Investing in Cardinal Schools
5 Facts About the May 2 Levy
CALCULATING THE COST
Understanding how a levy cost is calculated can be a bit confusing. First, some definitions:
Market Value – The value of your home if you were to list it for sale
Assessed Value – 35% of the market value of your home. The assessed value determines your yearly cost of a levy payment. (Formula: market value x .35 = assessed value) For example, a home with a $100,000 market value would have a $35,000 assessed value. ($100,000 x .35 = $35,000)
To determine the annual cost of a levy payment you must multiply the assessed value of your home by the levy amount (in Cardinal’s situation we are putting on a 5.5 mill levy, which translates to .0055 mathematically.) To calculate the monthly cost of a levy, you must divide the annual levy cost by 12. To calculate the daily cost of a levy, you must divide the annual levy cost by 365.
Annual Levy Cost Formula: Assessed value x Levy amount = annual levy cost (i.e. $35,000 x .0055 = $192.50)
Monthly Levy Cost Formula: Annual levy cost / 12 = monthly levy cost (i.e. $192.50/12 = $16.04)
Daily Levy Cost Formula: Annual levy cost / 365 = daily levy cost (i.e. $192.50/365 = $0.53)
Use our calculator to determine the cost of Cardinal’s 5.5 mill levy for you and your family.
LEVY VS. CONSOLIDATION
When it comes to consolidation, Cardinal is in a pay now or pay later situation. | DETAILS
This effort is orchestrated and managed solely by the levy committee to get information out about all things levy-related. It’s a perfect venue for leaving comments and getting answers to your levy questions. Please give it a try and feel free to share Let’s Talk Levy with your family, friends, and neighbors! Remember, all questions deserve answers! Get started by clicking the Let’s Talk icon to the left!