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  • CC4SS Flyer - Page 2

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    Please see the newly updated back page of our informational flyer. This addition will be provided on all flyers handed out over the next few weeks. It is provided to offer a detailed calculation of how property taxes will be impacted if the bond issue passes. Specifically, this document provides additional information about how the 22% school district tax increase is calculated. Additionally, it provides a summary chart of the annual and lifetime tax increases for homes ranging from $100,000 to $500,000 of fair market value. Finally, this back page reminds readers that a 'No' vote only means 'no' to the construction of a new middle school. It does NOT mean the school board is prohibited from exploring other options (e.g. optimizing operations within the existing school floorplan and/or consideration or approval of building additions to the existing school structure).

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    Please see the newly updated back page of our informational flyer. This addition will be provided on all flyers handed out over the next few weeks. It is provided to offer a detailed calculation of how property taxes will be impacted if the bond issue passes. Specifically, this document provides additional information about how the 22% school district tax increase is calculated. Additionally, it provides a summary chart of the annual and lifetime tax increases for homes ranging from $100,000 to $500,000 of fair market value. Finally, this back page reminds readers that a 'No' vote only means 'no' to the construction of a new middle school. It does NOT mean the school board is prohibited from exploring other options (e.g. optimizing operations within the existing school floorplan and/or consideration or approval of building additions to the existing school structure).

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    47 views1 page

    CC4SS Flyer - Page 2

    Uploaded by

    cc4ss
    Please see the newly updated back page of our informational flyer. This addition will be provided on all flyers handed out over the next few weeks. It is provided to offer a detailed calculation of how property taxes will be impacted if the bond issue passes. Specifically, this document provides additional information about how the 22% school district tax increase is calculated. Additionally, it provides a summary chart of the annual and lifetime tax increases for homes ranging from $100,000 to $500,000 of fair market value. Finally, this back page reminds readers that a 'No' vote only means 'no' to the construction of a new middle school. It does NOT mean the school board is prohibited from exploring other options (e.g. optimizing operations within the existing school floorplan and/or consideration or approval of building additions to the existing school structure).

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 1

    We believe the most accurate way to understand the proposed tax increase associated with the $12 million

    bond issue is to calculate the property taxes attributable to the Smithton School District #130. Tax Year 2011 Smithton School District #130 tax levy: Tax levy resulting from proposed $12 million bond: 3.0627 .675

    This represents a 22% increase in taxes paid to Smithton School District #130. Using the EAV calculation method, the following chart outlines both the incremental annual tax increase and the 20-year total tax impact that would result from this bond issue. These calculations use the following equation: Fair Market Home Value x .3333 = EAV EAV x .00675 = incremental annual tax increase (e.g. $100,000 x .3333 x .00675 = $224.98)

    Market Value of Home $100,000 $200,000 $300,000 $400,000 $500,000

    Annual Tax Increase $224.98 $449.96 $674.93 $899.91 $1,124.89

    20 Yr. Bond Life Tax Increase $4,499.60 $8,999.20 $13,498.60 $17,998.20 $22,497.80

    Remember, a NO vote ONLY means NO to building a new middle school. A NO vote forces the school board to consider other, less costly and perfectly viable options for meeting our students needs!
    CC4SS Flyer - Page 2

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