The Lake County School Board unanimously approved the tentative 2012-2013 fiscal year budget and millage rate at the first public hearing on Monday evening.

With property values continuing to decline, Lake County School District’s tentative annual budget decreased for the third consecutive year. The $528.8 million proposed 2012-2013 budget is about $19 million less than last year’s budget. The tentative millage rate is 7.320, which is a .074 mil less than last year.

The Lake County School Board’s final public hearing for the proposed budget and millage rate is scheduled for Monday, Sept. 10, at 5:30 p.m. in the Lake County Administration Building, located at 315 W. Main St., Tavares.

The required local effort (RLE) for Lake County Schools, as set by the Florida Department of Education, is a tentative millage rate of 5.82 for the 2012-2013 fiscal year. Combined with 1.5 mils dedicated for capital improvements, the total tentative School District millage rate for Lake County property owners is 7.320. The RLE determines what millage the School Board must approve in order to qualify for state funding.

Millage determines how much property owners will pay in taxes. For example, the tentative 7.320 millage rate applied to a home assessed at a taxable value of $100,000 would pay school taxes of $732 or $7.40 less than last year when the millage rate was set at 7.394.

Sections of Lake County Schools’ tentative budget, including those from schools and departments, are online. To review the tentative budget information for 2012-2013 fiscal year, log on to www.lake.k12.fl.us and click on the “2012-2013 Proposed Budget” link.