What Everyone Wants to Know!!!
What is the potential tax impact?
The District has carefully planned the timing of this referendum and the subsequent selling of bonds in consideration of the retirement of the current debt in order to have minimal impact on taxpayers. Just as you may do at home, we are planning this as we pay off existing debt.
What is the total bond amount? $10,114,107 is the total of bonds with 50.4271% being the state aid on the eligible costs of $8,970,036.
What does this mean?
Due to expiring debt, little to no impact may be felt on taxpayers. In our estimate an average home assessed at $228,866 will experience approximately a
$5.00 increase a year in the first three years. Expiring debt will allow the payments in the future to remain at or below the current amount per household.
What happens if the referendum does not pass?
It is inevitable that this work will have to be completed. If the referendum fails, we will not get the 50% matching funds from the state and the cost will have to go into the general budget which will compete for educational dollars.
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