Tax Impact
Tax Impact for $57M, $3M, and $61M
Total Total New Maximum I&S Maximum I&S
Par Amount Debt Service Tax Rate (a) Tax Rate Increase(b)
Scenario I - Proposition 1 $57,765,000 $103,999,500 $0.3793 $0.2279
Scenario II Proposition 2 $3,870,000 $6,978,750 $0.1598 $0.0084
Scenario II - Combined $61,635,000 $111,216,750 $0.3905 $0.2391
(a) Statutory I&S tax rate limit is $0.50.
(b) Estimated increase above the 2013-2014 I&S tax rate of $0.1514.
Assumed Growth Rate: 3.00% (Growth in TAV through the 2018 Tax Year)
I&S Tax Rate Impact on Homeowner
Tax Impact Tax Impact Tax Impact
State Mandated Based on Based on Based on
Residential Maximum Maximum Maximum
Appraised Homestead Taxable Tax Increase Tax Increase Tax Increase
Home Value Exemption (a) Value Scenario I Scenario II Combined
$ 50,000 $ 15,000 $ 35,000 $ 79.75 $ 2.95 $ 83.70
75,000 15,000 60,000 136.71 5.06 143.49
100,000 15,000 85,000 193.67 7.17 203.27
125,000 15,000 110,000 250.64 9.28 263.06
150,000 15,000 135,000 307.60 11.39 322.85
175,000 15,000 160,000 364.56 13.50 382.63
200,000 15,000 185,000 421.52 15.62 442.42
Note:
(a) Taxes paid on residence homesteads are frozen at age 65
(b) Estimated increase above the 2013-2014 I&S tax rate of $0.1514.
The total tax impact is expected to be no more than $240 annually on a $100,000 home, or $20 a month.
Taxpayers who are 65 years of age or older who have applied for and received their homestead exemption will see no tax increase from this bond election.