The Oxford School District recently announced that property tax rates for the 2024-2025 fiscal year will not increase despite issuing a $37 million bond in 2024.

This is due to sound financial planning and the effective use of state funding reforms.

The Mississippi State Legislature recently changed its funding formula from the Mississippi Adequate Education Program to the Mississippi Student Funding Formula. Through the new formula, the OSD received a 7% increase in state funding, equating to an additional $1.85 million.

This additional funding, plus the new construction recently added to the tax rolls in Lafayette County, enabled the district to give all employees a raise, meet debt obligations from the new bond, and still keep tax rates level.

The current millage rate for OSD is 30.70.

“This underscores the district’s commitment to valuing our employees and accommodating necessary investments in infrastructure while also managing taxpayer resources responsibly,” said Chief Financial Officer Allison Wally. “By keeping mill rates level, the district aims to minimize the immediate impact of the new bond on taxpayers while ensuring long-term sustainability and improvements to our facilities for our community.”

Superintendent Bradley Roberson presented a request to approve the 2024-2025 ad valorem tax request for the OSD to the Oxford Board of Aldermen on Tuesday. The Board approved unanimously.

“We are grateful to Senator Nicole Boyd, Rep. Clay Deweese, and Rep. Josh Hawkins for their work in securing additional funding for the Oxford School District through the adoption of the Mississippi Student Funding Formula,” Roberson said. “Their support is vital to improving education for the families in our community.”

Bond proceeds are funding:

• The ongoing construction of Oxford High School’s Center for Innovation and Workforce Development.
• Numerous updates to Oxford Early Childhood Center
• A regulation-sized soccer field at Oxford Middle School
• Completion of Central Elementary’s exterior basketball court
• Athletic Facility expansion & renovation
• Bus Shop renovation to add additional restrooms
• Exterior improvements to Oxford Middle School campus
• Restroom renovations in older buildings across the District
• Plumbing and other infrastructure repairs throughout District properties