PAXTON — The school district should see a $1 million spike in revenue next year, while homeowners in the district should see a savings on their property tax bills next summer, thanks to the construction of a wind farm near Paxton.
The district's proposed 2012 tax levy calls for an increase of more than $1 million in taxes to be collected in 2013 — exclusively due to the Pioneer Trail Wind Farm being assessed for the first time this year, Superintendent Cliff McClure said.
All 94 of the wind farm's turbines are within the PBL school district's boundaries. Assessed through a standard formula at $215,000 each, the turbines have pushed the estimated equalized assessed valuation of the school district to $158.46 million, up from $133.83 million in 2011, McClure said.
Meanwhile, the anticipated increase in taxable property is expected to allow the district's tax rate to be reduced by more than 16 cents per $100 of assessed valuation, McClure said. The projected rate reduction is up from last month's estimate of 13 cents.
The savings for the owner of a typical $100,000 home is expected to be about $54, McClure said.
The rate projected by the school district — $5.18 per $100 of assessed valuation — would be the lowest for PBL taxpayers since 2003, when the rate was $5.07.