GRAND RAPIDS PUBLIC SCHOOLS OPERATING MILLAGE PROPOSAL EXEMPTING PRINCIPAL RESIDENCE AND OTHER PROPERTY EXEMPT BY LAW
This millage will allow the school district to continue to levy the statutory rate of 18 mills against all property, except principal residence and other property exempted by law, required for the school district to receive its revenue per pupil foundation allowance. Shall the limitation on the amount of taxes which may be assessed against all property, excluding principal residence and other property exempted by law, in Grand Rapids Public Schools, County of Kent, Michigan, be increased by up to 19 mills ($19.00 per $1,000 of taxable valuation) for a period of ten (10) years, 2018 through 2027, inclusive, to provide funds for operating purposes and enable the school district to levy such part of the increase as is necessary to maintain a maximum tax levy of 18 mills ($18.00 per $1,000 of taxable valuation) (such increase is estimated to provide revenues of approximately $30,176,000 in the first year of the levy, subject to tax capture described below, and includes a renewal of previously authorized millage in the amount of 18.6249 mills ($18.6249 per $1,000 of taxable valuation) which expired with the 2017 tax levy and a new additional millage of 0.3751 mill ($0.3751 per $1,000 of taxable valuation) to allow the school district to restore millage lost as a result of the "Headlee" reduction)?To the extent required by law, a portion of this millage may be captured by and retained by the City of Grand Rapids Downtown Development Authority, the City of Grand Rapids Brownfield Authority, and the Grand Rapids SmartZone Local Development Finance Authority.
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