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Shelby County property owners could see an increase in taxes next year.
The Shelby County Board of Education will hold a public hearing on the proposed tax increases this Thursday night in order to receive public comment on the .5 percent increase on real property and .2 percent increase on personal property.
Superintendent James Neihof said the increases are in line with past tax increases, state law, and are consistent with the "cost of living" increases that the district has experienced.
Last year, local property owners paid 63.7 cents per $100 of assessed home value. This year, if the levies are adopted, the rate would jump to 64.2.
That means that a $100,000 home that would have generated $637 in taxes last year will create $642 for the district this year.
In total, the proposed tax increase is expected to generate $18,385,781 for the district - that's an increase of $1,416,880 from the last year's revenues of $16,968,901.
According to the district, the vast majority of the increase in tax dollars will be spent on instruction, $855,989, transportation, $261,146, and the building fund, $246,504.
The district is also proposing a .3 cent increase for the recovery of exonerations.
Board members will hear public comment before hearing any recommendations from the district.
According to state law, the district is allowed to raise their tax levies every year in order to earn up 4 percent more in revenue than they did the previous year.
The public hearing on the tax increase will be held at the central office, 1155 Main Street Shelbyville, Thursday at 6 p.m.