Residents of the Colonial School District are officially getting a property tax decrease for 2023-24 school year.

The Colonial School board voted unanimously to approve the recommended tax rate for FY 2024, which includes a 10.7 cent decrease, as presented by Chief Financial and Operating Officer, Emily Falcon. “Colonial’s tax rate has not been this low since 2018, before the last operating referendum”, Falcon said. The decrease, which is due to a number of factors, including paying off older construction projects, represents a roughly 5% cut in school taxes for the 2023-2024 school year. Colonial residents will pay $2.066 per $100 of assessed property value. “While individual impacts will vary based on the property’s assessed value, the average Colonial taxpayer can expect savings between $50-$75 for the year.” Falcon said. “This decrease is our way of again doing right by our community” new school board president Chris Piecuch said. “Showing our fiscal responsibility and value of our resident’s dollars is imperative to the success of our district”