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School bond adds to homeowner tax bills: board sees $226.10 per $100,000 for $300M issuance
Summary
The district's voter-approved $300 million bond contributes roughly $226.10 per $100,000 of taxable property value over the life of the issuances, CFO Jonathan told the board; he said the current year's $76.90 increase reflects the new tranche plus state-required adjustments.
CFO Jonathan told the Putnam County School Board that the district's three bond issuances together create an annual tax cost of about $226.10 per $100,000 of taxable property value.
Presenting a slide that isolates bond-related tax burden, Jonathan said the voter-approved $300,000,000 bond, when combined with earlier issued tranches, produces a total yearly bond cost equal to about $226.10 per $100,000 of taxable value. He contrasted that cumulative bond burden with the $76.90 increase homeowners will see this year — a figure he said reflects the current year’s millage change, including the 0.333 mills attributable to the latest $100,000,000 tranche.
Board members asked for clarification about how the $76.90 and $226.10 figures relate; Jonathan reiterated that $76.90 is the tax increase tied to this year's millage change and a portion of the new bond payment, while $226.10 is the aggregate tax effect of all three bond issuances.
