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Estimated Tax Impact on District Property Owners

CFAC 2-Minute Videos: Estimated Tax Impact on District Property Owners

projected-tax-increase-formula-for-$41.5-million-new-elementary

Last week’s 2-minute video outlined the costs of projects that the Community Facilities Advisory Committee reviewed to address space and facilities issues in the district. This video gets into the projects’ estimated tax impact on district property owners.

Nine different facilities projects were examined to address district needs. Remember, these projects represent what the Community Advisory Committee studied, not what it supported for a future referendum. It will deliberate later this year on whether any of these projects should be put to a vote in a districtwide referendum. Also, estimates for the costs and tax impact are based on market variables in October of 2021 and are subject to change.

Following are potential projects and their tax impact:
The committee reviewed three options for a new elementary school:
The first, was at a cost of $24 million, would result in a tax rate increase 41 cents per $1,000 of equalized value.

A simple way to understand how individual tax bills would be affected is to multiply the projected tax rate increase by 100 to determine the cost per $100,000 of property, then multiply that number by the property value expressed as a multiple of $100,000. A  tax rate increase of 41 cents per $1,000 of equalized property value equates to $41 for each $100,000 of property owned. The owner of a $300,000 home would multiply that number by 3 for a cost of $123, $500,000 by 5 which amounts to $205  and $700,000 by 7 for an additional $287 in taxes.

Another option was to build a $38 million school that would result in a tax increase of 65 cents. The cost per $100,000 of property value would be $65 which equates to $195 for the owner of a $300,000 home, $325 for a $500,000 home and $455 for a $700,000 home.

The third new elementary school option was at a cost of $41.5 million which is projected to increase the tax rate by 72 cents.The impact on the owner of a $300,000 home would be $216, an additional $360 for $500,000 of property value and $504 for owners of a $700,000 home.

Two options were considered to address the crowded and outdated cafeteria and kitchen at Hamilton High School. The $7 to 8.5 million option would increase the tax rate by 16 cents resulting in tax increases of $48 for a $300,000 home, $80 for a $500,000 home and $112 for a $700,000 home. The $18.3 million option would increase the tax rate by 32 cents resulting in tax increases of $96 for a $300,000 home, $160 for a $500,000 home and $224 for a $700,000 home.

Enlarging and renovating Templeton’s cafeteria at a cost of $1.2 million would increase the tax rate by 4 cents. This would translate into $12 for owners of $300,000 of property, $20 for $500,000 of property and $28 for $700,000 of property value. Similarly renovating the Templeton library at a cost of $1.4 million would also increase the tax rate by 4 cents with the same tax impact of $12 for those who own $300,000 of property, $20 for $500,000 and $28 for $700,000 of property value.

Finally, undertaking the $2.9 million Hamilton High School athletic field projects would increase the tax rate by 8 cents. This would result in an increase of $24 per year for owners of $300,000 homes, $40 for owners of $500,000 homes and $56 for those who own $700,000 of property in the district.

Check back next week for another 2-minute video to learn results of surveys designed to gauge initial parent and staff support for these projects.