Replacement Operating Millage Proposal - Troy School District

This proposal would restore and replace the authority of the School District to levy the statutory limit of 18 mills on non-homestead property (principally industrial and commercial real property and residential rental property) which currently expires with the School District’s 2025 tax levy and allow the School District to continue to levy the statutory limit of 18 mills on non-homestead property in the event of future Headlee rollbacks of up to 3 mills. The authorization will allow the School District to continue to receive revenues at the full per pupil foundation allowance permitted by the State. Under existing law, the School District will levy no more than 18 mills on non-homestead property. Owner occupied homes and qualified agricultural property are exempt from this levy. Shall the limitation on the total amount of taxes which may be assessed against all property, except principal residences and other property exempted by law, situated within the Troy School District, County of Oakland, State of Michigan, be increased, in the amount of 21 mills with 18 mills being the maximum allowable levy ($18.00 on each $1,000 of taxable valuation), for a period of eight (8) years, 2018 to 2025, inclusive with 17.684 mills of the above 21 mills being a replacement of authorized millage which will otherwise expire on December 31, 2025 and 0.316 mills of the above 21 mills being a restoration of millage lost as a result of the reduction required by the Michigan Constitution? This operating millage if approved and levied, would provide estimated revenues to the School District of $22,644,260 during the 2018 calendar year, to be used for general operating purposes