Note: The chart has been updated using the calculations provided by the School District on their “Tax Calculator” page (which were slightly higher than our previous estimates).

Below is a chart of what the $140 million school referendum could cost homeowners in higher taxes. You may ask, “But didn’t the school district say it wouldn’t increase the bond and interest levy, so it wouldn’t increase my taxes?” The district is using current taxes as their frame of reference. We are using your guaranteed lower taxes if there were no referendum as our base of reference—a tax break you would see once current debt is paid off, starting with a partial reduction in 2024, down to full reduction in 2025. There is no such thing as free debt. Debt always has a cost to it. Here is an estimate of what $140 million in new debt might cost you per year and over 20 years, based on your home’s current value:

The 20-year estimate assumes bond rate and home value remain relatively the same (a highly questionable assumption) and that the School Board doesn’t break its promise, like it had in the past, to not raise the bond levy. The 20-yr estimate is only a best guess.