The West Bend School Board approved the 2024-2025 West Bend School District budget and property tax levy during its meeting on October 21. 

The Department of Public Instruction provided final financial information to all public school districts on October 15. After this information was received, the tax levy was $41,115,023 and the mill rate was calculated at $5.12 per $1,000 of fair market property value. The final mill rate of $5.12 is a decrease from the rate of $5.20 for the 2023-2024 school year. 

A preliminary tax levy and mill rate were approved by the electors at the annual meeting on September 23. Both were preliminary because the final state aid and related information were not yet available. 

There is no change in the tax impact of the facilities referendum. If the West Bend School District referendum is approved, the increase to the tax rate remains the same at $1.02 per $1,000 of fair market value. The combined total school tax rate for 2024-2025 will be $6.14 per $1,000 of fair market property value for 2024-2025, if approved. 

The $1.02 of the total school tax rate will be used to repay the principal ($106.25 million) and the interest (estimated to be $59.2 million, which assumes a 4.75% borrowing interest rate and a loan repayment term of 20 years) for a total of $165.45 million for principal and interest. 

For comparison, in September 2024, Tax-Exempt “AA” rated general obligation bonds currently have an interest rate of 3.95% which would save approximately $13 million in interest if borrowed at the lower rate. Preliminary tax impact estimates are based on 2% annual market property value growth.