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ADE Director's Communication Memo Form


Memo Number : FIN-08-002

Date Created : 07/24/2007

Attention:

Superintendents
Co-op Directors
other: District Business/Financial Officers

Type of Memo: Informational
Response Required: No
   
Section:   Fiscal and Administrative Services - Dr. Bobbie Davis, Assistant Commissioner
Subject:
Forty Percent (40%) Pullback Report

Regulatory Authority:
Ark. Code Ann. 6-20-401 et seq.

Contact Person:
Julie Kreth

Phone Number:
501-682-5128

E-mail:
julie.kreth@arkansas.gov

The Department has completed the 40% Pullback calculation for calendar year 2007 property taxes. The report is attached.

The assessment data are submitted by each County Clerk in compliance with Ark. Code Ann. 6-20-2202(g)(1). This report will be used in the State Foundation Funding calculation for 2007-2008. The millage data are from the annual millage election held during calendar year 2006, for taxes payable in calendar year 2007. The millage rates have been adjusted for rollback provisions. Rollback data are provided by the Assessment Coordination Department. The 40% Pullback is calculated in compliance with Ark. Code Ann. 6-20-401(4)(B). The 40% Pullback is calculated as follows: the greater of the product of either: (assessment x the tax rate which is not pledged to secure bonded indebtedness x 40%) or (assessment x the uniform rate of tax x 40%). Districts that were consolidated or annexed and that have not voted a unified millage rate are indicated with an "+". For the 40% Pullback of these districts, the two calculations are added together. M&O is an acronym for maintenance and operations. LEA is an acronym for local education agency.

Requests for additional information should be directed to Julie Kreth or Yvonne Williams in Education Research and Statistics at 501-682-5128.

Attachments:

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