School Finance
Budget
The school budget represents the educational program of a school community translated into dollar need (expenditures). The budget spans a calendar year, from January 1 to December 31.
Funding
State Funding Supports
Education Fund: Supports salaries and benefits for teachers and instructional assistants, textbook costs, and school media centers.
Local Funding Supports
Operations Fund: Supports things like buses and bus drivers, administrators, front office staff, custodians, maintenance, utilities, and professional services.
Referendum Funds: Voter-approved additional funds to support teacher salaries, instructional assistants, resource officers in schools, social workers, and in-school counseling.
Debt Services Fund: The funds are used to build new facilities and to update existing facilities. These funds support the payments for this debt.
Understanding Your Contribution
When you pay taxes, your property’s net assessed value is its taxable value after deductions and exemptions are subtracted from the gross assessed value. The tax rate is the figure that determines how much you pay — some rates are fixed (like referendums you vote on), others fluctuate. The tax levy represents the total dollars allocated to a local government, including school districts.
Now, let’s dive into the average homeowner’s net assessed value in Carmel to see how these pieces work together.
|
Home Value (Median home value, per US Census Bureau) |
$455,600 |
|
Less: Standard Deduction |
($48,000) |
|
Less: Supplemental Homestead |
($152,850) |
|
Net Assessed Value (Taxable Value) |
$254,750 |
| Credit* | Lesser of $300 or 10% of net property tax bill. |
Operating Referendum = $0.19 per $100 of Net Assessed Value until 2031
School Safety Referendum = $0.05 per $100 of Net Assessed Value until 2027
*The new Homestead Credit, a result of SEA1 which directly affects school funding, will lead to an annual reduction of $2.9 million for Carmel Clay Schools in 2026.