The chart above shows the projected impact of the new Elementary School and the repairs to the Junior High school on top of (in addition to) the other pieces of the town budget which includes the regular school budget (new school / Jr High repairs not included), the Municipal (Town) budget and the County. The black numbers on the top of each column are the total taxes, for that year, for each $100,000 of taxable assessed value. If your “taxable valuation” on your tax bill is $200,000 for the tax year 2020-2021 (the first year the bond debt kicks in on the chart), your taxes would be 2 X $3,391 or $6782.
The assumptions are, as indicated on the chart, that revenue will increase annually at a rate of 2%. It also assumes expenditures (total budget requests) will average 3% per year (over the last 6 – 7 years the average has been more like 4%), except for Year 20-21, the first year of the Bond debt, which will be a tax increase of 7%. Lastly it assumes that taxable value will increase 1% per year.
Other items not mentioned above include any funding we could possibly receive from the state to offset the bond amount / debt. Unexpected costs for things like the Fire Station, other school repairs, and so on.
Note: The above chart is part of a presentation listed on the Town Web site by the Finance Department.
This chart shows the projected impact of the School Bonding proposal on a home with an assessed value of $200,000. The assumptions are the same as the top chart the most critical of which is the assumed net tax increase year by year of 2.5%, except for the first year the bond kicks in which is 7% in Year 2020-2021. The obvious concern would be that the 2.5% number is too optimistic, which is likely the case.