Learn more about the plan to finance the referendum.
The project would be funded by two types of General Obligation Bonds.
School Board Approved Government Obligation Maintenance Bond providing $930,600 towards project This is the project cost covered by the State's Long Term Facilities Maintenance (LTFM) program. This is a 9-year bond. The board is allowed to levy these funds annually or they can bond them for up to ten years. The funds can be used for portions of the project involving remodeling or updating. This bond has a lower interest rate and qualifies for AG2School Credit.
Voter Approved General Obligation School Building Bonds providing $21,390,875 towards project This is the project cost covered by the community if the referendum passes. A majority vote is required to authorize the project and the bonding authority. This bond is a 25 year bond.
This table shows estimated tax impacts for residential, commercial, industrial, and seasonal recreation properties if the referendum passes.
Estimated Annual Tax Impact (Agricultural)
This table shows estimated tax impacts for agricultural properties if the referendum passes.
How Ag2School Tax Credit Works
Ag2School Credit was conceived and passed in 2017 to increase the state share in districts in which farmers were paying an outsized portion of the district's facility debt.
The Ag2School Bond Credit was phased in and has been increasing each year. The credit will be set at 60% in tax year 2022 and 70% in tax year 2023. This credit will benefit our farmers for the LTFM Maintenance Bond and the Voter Approved Bond.
Farmers should see their non-voter approved taxes decrease by the amount shown in the table above under School Board Approved G.O. Maintenance Bonds. The voter approved taxes will increase by the amount noted in the Voter Approved School Building Bonds. The net result is represented by the Total column.
Ag2School reduces bonded debt taxes for holders of agriculture and timber land.
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