The current debt service millage will be rolled back for taxpayers in the Pea Ridge School District.
Taxpayers within the district will see a decrease of 1.5 mills, according to school superintendent Keith Martin.
"Our millage rate for the 2020 millage rates for 2021 collections, which we're paying this year, will be 47.2 mills," Martin said.
"After the property reassessment, it was determined there was more than a 10% assessed value," Martin said.
"Your M&O mills, it does not affect," Martin said. "It only affects debt service mills."
The 25.0 mills for maintenance and operation is constant for all school districts.
Arkansas law requires an adjustment or rollback of the district's current debt service millage when the aggregate value of taxable real and personal property exceeds 10%.
"Our assessed evaluation of our district has increased quite a bit," Martin said. He said when the district built the high school, the district assessment was about $99 million and the new assessment is more than $155 million.
Martin was to present the rollback information to the School Board at its regular meeting Monday night.
Millage Rollback
Year^District M&O^District Debt service^Total District
2020^25.0^23.7^48.7
2021^25.0^22.22^47.2