| | | from kindergarten to grade 12 by the certified total state | | valuation for the year prior to the most recently certified | | total state valuation for all municipalities. The full- | | value education mill rate must decline over the period from | fiscal year 2005-06 to fiscal year 2009-10 | | not exceed 9.0 mills in fiscal year 2005-06 and may not | exceed 8.0 mills in fiscal year 2009-10 | | value education mill rate must be applied according to | | section 15688, subsection 3, paragraph A to determine a | | municipality's local cost share expectation. Full-value | | education mill rates must be derived according to the | | following schedule. |
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| | | (1) For the 2005 property tax year, the full-value | | education mill rate is the amount necessary to result | | in a 47.4% local share in fiscal year 2005-06. |
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| | | (2) For the 2006 property tax year, the full-value | | education mill rate is the amount necessary to result | in a 47.4% |
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| | | (3) For the 2007 property tax year, the full-value | | education mill rate is the amount necessary to result | in a 47.0% |
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| | | (4) For the 2008 property tax year, the full-value | | education mill rate is the amount necessary to result | in a 46.0% |
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| | (5) For the 2009 property tax year, the full-value | education mill rate is the amount necessary to result | in a 45.0% local share in fiscal year 2009-10. |
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| | | 3. Exceeding maximum local cost share expectations; separate | | article. Beginning with the 2005-2006 school budget, the | | legislative body of a school administrative unit may adopt | property tax ratesexceed | | exceeds the local cost share expectation established by section | | 15688, subsection 3, paragraph A if that action is approved in a | | separate article by a vote of the school administrative unit's | | legislative body through the same process that the school budget | | is approved in that school administrative unit. If that | | additional appropriation causes the school administrative unit to | | exceed the maximum state and local spending target described in | | subsection 4, the voting requirements of subsection 4 apply. |
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| | | 4. Exceeding the maximum state and local spending target.__The | | sum of a school administrative unit's local contribution to the | | total cost of funding public education determined pursuant to | | section 15688, subsection 3, paragraph A plus the state |
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