Saturday, February 17th, 2024

Vote '24

Coldwater voters set to decide income tax levy

By Abigail Miller

COLDWATER - Voters served by Coldwater Exempted Village Schools will decide on a proposed 1.75% earned income tax levy in the March 19 primary election.

The proposed income tax levy would replace the existing 0.5% traditional income tax with a 1.75% earned income tax.

The current 0.5% traditional income tax levy first passed by voters in 1999 brings in about $1 million annually, according to district treasurer Jenn McCoy.

If approved, revenue from the proposed replacement earned income tax levy would go toward general operating expenses, McCoy had said.

Unlike a traditional income tax, an earned income tax applies only to employee compensation and net earnings from self-employment, according to the Ohio Department of Taxation.

"It will take us three years to actually receive the full amount of that income," she had said. "Once we start receiving that full amount, we'll be getting about $3 million (annually)."

If the levy fails, the current traditional income tax would remain in place, McCoy had said.

McCoy previously shared the district has been in deficit spending since fiscal year 2021. By the end of the 2024 school year, deficit spending is projected at $400,000.

Though a seemingly large tax hike, McCoy noted the district will drop a 0.5-mill bond maintenance levy in fiscal year 2024. Also, board members don't plan to renew the current emergency levy in fiscal year 2026, she added.

Levy chair Brad Niekamp at a special board meeting in July 2023 said he believed a levy is necessary for the district to operate at an optimal level.

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"Having seen the financial reports, it is clear that a levy should have been considered and attempted some time ago, but was not," he had said. "As such, it is imperative now to move forward with a levy. If we do not, our students will suffer."

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