Circuit Breaker results in $1.2-million loss to LSC
The Lafayette School Corporation is going to work with $1.2-million less than expected.
Property Tax Caps are keeping that much out of the district.
Chief Financial Officer Eric Rody says the district is able to manage this type of loss, for now.
He says it’s possible, in several years, if the property tax caps continue to keep money out of the district, that LSC may have to make up for the losses through its general fund.
Rody says it’s hard to project the impact property tax caps, also known as circuit breakers, will have from year to year because of changes in market value.
The state implemented in the law in 2010.
Those in favor say it is a way to help property owner keep more of their money and use that money to inject life into the economy.