If the bond passes, district property owners will see no increase in their school district property tax rate from the 2024-25 school year. Here's why:
The district plans to lower some existing school taxes (specifically, those earmarked for facility projects), which will offset the cost of the new bond. This, along with state school tax credits and changes in how ag land is taxed for school bonds, means there should be no overall tax rate increase for district taxpayers, during the 2025-26 budget cycle.
ESTIMATED COSTS
- $7.5 million – “All In Cost” – ESTIMATED
- This is an ESTIMATE. It is subject to change based on a variety of factors, including the market conditions, financing terms, and any changes made to the plan based on community input.
- Includes:
- Design & Engineering
- Construction
- Testing
- Contingency
Approximately $2 million will be available in the Special Building Fund for the project, which could lower the project cost to $5.5 million
Future Levy Rate Compared to Current
(ESTIMATED)
Current Levy
- General Fund: $0.543891 or $4,489,575
- Special Building Fund: $0.137772 or $1,137,247
- QCPUF Fund: $0.029523 or $243,697
- Total Current Levy: $0.711186 or $5,870,519
*Calculations are based on current 2024 land valuations.
Possible Future Levy
- General Fund: $0.600000 or $4,952,727
- Special Building Fund: $0.030000 or $247,635
- Bond Fund: $0.058000 or $400,676
- Total Future Levy: $0.688000 or $5,601,038
*Calculations are based on current 2024 land valuations.
NET TAX IMPACT
Reducing other school taxes equivalent to “new bond tax” would result in a no net increase in the total district wide tax rate.
It is projected that individual district taxpayers should not experience a tax rate increase. These projections are based on several factors: redistribution of tax request dollars from other school taxes to bond tax, reduction of ag land assessed value from 75% to 50% per statute, and the impact of the state tax credit on other school taxes and bond tax.