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Oak Hill may need to raise taxes

BY Ethan Clewell - eclewell@chronicle-tribune.com

The property values for Oak Hill school district is on a downward trend, according to Oak Hill business manager Deb Smith.

If the trend continues, Smith told the board the corporation will need to raise the property tax rate in order to make up for any losses.

This past year, the assessed value for the district fell 2.58 percent, the largest decrease in the three year downward trend, Smith said to the Oak Hill school board Monday.

The school should get updated figures by early August, Smith said. 

As the school plans its budget, they are waiting to see what the state estimates as the maximum levy for the district.

According to Smith, the district is tentatively planning to advertise a debt service budget that is around $236,000 larger than their approved budget from last year.

Oak Hill currently owns three common school loans at this moment. According to Smith, the levy will fluctuate based on if they can get the loans closed by Dec. 31. 

The district also owes $911,200 from a 2014 general obligation bond and is set to be paid off by 2021. They also owe more than $1.75 million for a 2013 lease bond set to be paid off by 2027. The also owe more than $7.62 million for a lease bond a 2015 set to be paid by 2025.

Currently they owe for 24 common school loans worth more than $18.1 million. Those are set to be paid off anywhere from this year throughout 2039.