Tax Break in Indian River School District - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Tax Break in Indian River School District

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 SELBYVILLE, Del.- Residents of the Indian River School District in Sussex County are getting a tax break.

The Indian River Board of Education voted Tuesday night to reduce the school district's property tax by 5 cents. The tax rate for the fiscal year 2015 has gone from $2.743 to $2.693 per $100 of assessed value, officials said.

Officials said that for residents to calculate their school taxes, they can divide their property assessment by 100 and multiply it by the tax rate of $2.693.

The majority of the tax decrease came from a reduction in the debt service portion of the tax rate, officials said.

Officials said that in 2013 the district was required to sell bonds to finance a series of building expansion projects. Those costs were offset by the retirement of bonds from construction projects in 1994-1995.
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