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Dossett: Library levy would increase from $1.5 million to $2.5 million if lid lift approved

The recent letters to the editor, regarding the SJI Library District’s proposed $.41 property tax increase ‘lid lift’ in August, has informed the reader how to calculate individual property tax increases, which is fine. However, there has been no discussion about the actual proposed tax revenue increase to the SJI library district itself, of which the voters should be informed. 

This year, 2024, the library district was authorized to collect $1,564,111, which is a tax rate slightly more than $.25 per $1,000 assessed value. If the new tax rate of $.41 is approved in August, it will allow the district to collect approximately $2,526,085 beginning in 2025. This is a revenue increase of $961,974 over 2024 allowable revenue. Future year’s allowable revenue increases will be limited to 1% each year, plus new construction revenue.

Paul Dossett