What is the financial impact of the proposed bond package?
If voters approve the bond election, the estimated tax impact of this bond is anticipated to be $0.36 for a total tax rate of $1.47 – M&O tax rate of $0.97 + I&S tax rate of $0.50.
For the average MWPISD home valued at approximately $100,000, this represents an increase of $22.00 per month.
HOW THE $22 BREAKS DOWN
$12.54 high school
$6.95 elementary schools
$1.11 junior high
$0.98 career & technology
$ $0.42 technology and modern learning
How am I financially impacted if I’m over 65 years old?
Property taxes for citizens 65 years or older who have filed the “Over 65 Homestead Exemption” will not increase because of the bond proposal. Under the “Over 65 Homestead Exemption” taxes are frozen at the dollar amount of the year the individual turned 65 and regardless of future tax rate increases, the tax levy for the 65-year-old can never escalate beyond the ceiling dollar amount. If decreases in property value, tax rate declines, or change in exemptions cause the tax levy to fall below the ceiling amount, the over 65 taxpayers will pay the lower tax bill.
Who is mostly responsible for payment of the proposed bond package?