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'iww ' <br />• » ------------- <br />Rc'forondinn Q iind A s (continued) <br />9) ¥ifhMt hBppBnS If It fsllsT source there will be more reductions 7) WhBt IS thB COSt Of thB <br />in the future. Referendum? <br />The Board of Education was able to <br />add back four elementary teachers <br />this year in grades 2 through S, which <br />substantially reduced the elementary <br />class size. Without a successful ref­ <br />erendum elementary class size would <br />be increased. And, without an infla ­ <br />tionary increase in this funding <br />6) When would the new <br />taxes be collected? <br />The new referendum would begin to <br />affect property taxes payable in <br />2006. It would begin providing rev­ <br />enue for the 2006-07 school year. <br />Figure A shows the estimated finan ­ <br />cial impact on homes valued at <br />$100,000 to SI.000.000 for 2006 <br />property tax purpo.ses. For example, <br />the owner of a $300,000 home w ould <br />pay $257 more a year. <br />Figure A <br />Taxabit <br />Markat <br />Vakiaof <br />iinm ■ <br />Oparating <br />Rafarandum <br />($520 par <br />studanO <br />Tachnology <br />$750,000 par <br />yaar <br />$2e.iss,ooo <br />Bond luua <br />$4,965,000 <br />Bond Issua <br />Total <br />Par <br />Yaar <br />$100,000 16 25 37 7 $85 <br />$150,000 24 38 55 11 $128 <br />$200,000 33 51 73 15 *1721 <br />$250,000 41 63 92 19 $215 <br />$^.000 49 76 110 22 $257 <br />$400,660 65 101 146 30 $342 <br />$500,000 82 127 183 37 $429 <br />... *1.000,opo 163 285 412 83 $943 <br />*The figures in the table are based on school district taxes for the referendum levy only, and do not include tax levies <br />for other purposes. Tax increases shown above are gross increases, not including the impact of the state Property <br />Tax Refund rCircuit Breaker^) program. Many owners of homestead property will qualify for a refund, based on their <br />income and U>tal property taxes. This will decrease the net effect of me referendum lew for many property owners. <br />The maximum refund was increased from $510 to $1,500. b^inning with taxes payable in 2002. <br />NOTE <br />andonesk:re <br />Prepared by Ehlers and Associates. Inc. <br />B) How many local levies and bonds are In place now and when do they end? <br />R«f»r*nduin <br />School Building <br />Bond <br />School Building <br />Bond <br />General Operating <br />Referendum <br />Issue Date <br />7/1/1992 <br />11/1/98 <br />1/1/99 <br />11/2/2004 <br />Amount <br />$4,015.1 <br />Maturity Date <br />$9,500,000 <br />$9,610,000 <br />$1,200 per <br />resident <br />student <br />2/1/2010 <br />2/1/21 <br />2014 <br />Purpose <br />General <br />maintenance and <br />technology <br />Provided for <br />construction of a <br />middle school, high <br />school media <br />center and misc. <br />other small protects <br />Currently provides <br />approximately <br />$3,000,000 of <br />operating funds per <br />year <br />Pag* 3 • 2005 Rafereodum Infomiabon