With the arrival in the mail of the 2006 tax notices, residents can now compute their potential individual annual payment for the new High School Bond.
The indicated rate is about $78/$100K of "Taxable Value," which can be found just above the middle of the Tax Notice. Multiply that value. divided by $100,000, (e.g. for $250,000, multiply be 2.5) by $78 to get your tax increase, should the bond be passed.
Or for a rough figure, your taxes (County resident) will increase by about 8%. For city residents, it's about 7.2%
You may also notice that your current payment for Wasatch County Schools is about 60 to 65% of your total Property Tax bill AND 100% of your STATE INCOME TAX.
Friday, October 27, 2006
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1 comment:
In my opinion, the way the school district has pitched the cost of the tax increase has been deceptive.
According to the 2000 census, Wasatch county has 3800 families. Lets round up to 4000. The bond in the upcoming election will be paid off over 21 years. Assuming an interest rate of 5%, amortizing the bond over 21 years with semi-annual payments means that total payments will be $4.608 million per year. On a per family basis, the cost is $1152 per year, every year for 21 years.
If the editorial in the newspaper was correct, we are reaching our bonding limit (4% of the taxable property in the valley which totals $2 billion). 4% of $2 billion is $80 million dollars. We have approx $15 million in outstanding bonds, which means that we will not be able to bond for another school after issuing the high school bonds.
There is a very simple remedy for this situation from the school district's perspective, albeit a painful one for residents of the county: increase the taxable property value in the county. Get ready for re-assessments on the value of your homes and businesses for property tax purposes.
If your home was assessed at $200K 7 or 8 years ago, get ready for a $600K assessment. Run those numbers and see how much this property tax increase will really cost you.
Jeff Thatcher
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