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Tax increase minimal for proposed GOB bond |
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Wednesday, 20 February 2008 |
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Page 1 of 2 By Buck Traxler, I-O Editor
With a high school that is crumbling away on the inside, the District 10 administration and trustees are asking voters to pass a $6.3 million General Obligation Bond (GOB) at an April 8 election.
Sixty-five percent of the GOB, $4.1 million, will go to the high school and 35 percent; $2.2 million will go to the elementary schools.
The total interest over the life of the bond is $3.740 million for both the elementary and high school with an estimated annual bond payment of $502,000, again for the elementary and high school combined.
The state will provide annual aid for debt service, estimated to be $56,661 for the elementary school and $46,737 for the high school, totaling $103,398.
The figures for the tax increase are estimation, but should be pretty close to what the annual tax would be.
A residential property with a 2007 phase-in value of $25,000 would have a taxable value of approximately $513. The estimated total annual tax would be about $29.95.
For a residential property of $75,000 and a taxable value of $1,538, the annual tax would be about $89.86.
For a more accurate tax number, all property owners may use the following formula to calculate the estimated tax impact of the GOB issue:
Take the taxable value (from your personal tax statement) and multiply it by .05843. This will give you the estimated annual tax impact of both (high school and elementary) bonds ($6.3 million over 20 years).
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