GRIFFITH | The School Board on Thursday approved its estimated property tax rate for 2008.

The rate was unanimously approved at $3.65 per $100 of assessed valuation.

"The tax rates that we advertise here are very high estimates," treasurer Jeannette Bapst stressed.

A high estimate is typically done because it can be reduced -- but not increased -- once it has been set, Bapst said. She also noted that the final rate will probably be about half of the estimate.

The estimated rate is a cumulative amount comprised of seven different funds: General, Debt Service, Capital Projects, Transportation, Bus Replacement, Special Education and Retirement/Severance Bond Debt Service.

The school town's overall 2008 budget, which consists of these funds, was set at $26,512,788.