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Property taxes and state aid are used to fund the combined district cost for each school district in Iowa. The School Foundation Formula creates a foundation level of 87 1/2% of the state average cost per pupil. Each local school district is required to provide a uniform property tax levy of $5.40 per $1,000 taxable assessed valuation. The difference between the uniform levy and the foundation level is the amount of state aid that is provided to the school district on a cost per pupil basis. The additional levy over and above the foundation levy up to the district's cost per pupil is additional property tax. The total combined district cost, minus the foundation dollar level, is equal to the additional property tax levy.
The School Foundation Formula equalizes educational opportunity in this way by providing the same foundation dollar value per child regardless of whether the child comes from a poor or rich district (based on their taxable assessed valuation). The additional levy then is the responsibility of the local taxpayer to come up to the total cost per pupil for that school district. The state aid is paid to the school district in ten consecutive months beginning with September 15 of each school year. Property taxes are received semi-annually by the school districts from their county treasurer in October and March. |
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