Akron Public Schools receives two settlements a year for local property taxes, one in March and one in August. Treasurer Jack Pierson reports that the August settlment of $52.9 million is down by $1.3 million over last year. About a $1 million of the shortfall is from residential taxpayers. The rest is from industrial/commercial taxpayers.
"In speaking to the Auditor's Office, they speculate (and I agree), that this new reduction we experienced is due to the increased number of taxpayers that are not able to pay," said Pierson in a letter to school officials included in the board packet for the meeting tonight.
About 36 percent of Akron's annual operating budget comes from local property taxes.