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District outlines likely tax increase as bond payments rise and homestead exemption proposed
Summary
District staff told the school board the district will likely seek higher maintenance-and-operations and debt-service rates next year to cover a $2.7 million jump in bond payments, but a proposed $140,000 homestead exemption may offset some homeowner impacts.
District finance staff told the School District Board of Trustees that the district will likely ask voters and the board to increase both the maintenance-and-operations (M&O) and debt-service portions of the property tax rate next year to cover higher bond payments.
The presentation said the district faces about $2.7 million more in bond payments next year, and staff expect total tax rate requests to reach about 0.9819 per $100 of assessed value if a separate voter-approved debt proposition passes. “We get those 5 pennies,” the finance presenter said, referring to an earlier board decision that preserved a five-cent taxing increment not requiring a public vote.
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