Cost to Homeowners
No Tax Rate Increase
Our District is in a position to be able generate the necessary funds for this bond proposal without having to ask our taxpayers to increase their current millage rate. If approved, the final bond payment would be extended for an additional six years, or until 2047. The proposal is projected to extend the current 7-mill tax rate would an additional 13 years*. It's important to note that if the bond is not approved, homeowners would not see an immediate decrease in their tax rate.
What is a mill?
One mill is equal to $1 for every $1,000 of taxable value. Taxable value is typically half of your home's market value.
How much will this cost me?
This proposal will not increase the tax rate that our homeowners are currently paying.
Property tax is calculated by multiplying the taxable value by the mill rate, and then dividing the sum by 1,000.
For example, a home in Fraser with a taxable value of $75,000 (market value $150,000) is currently paying $525 a year to repay our debt, and would continue to do so regardless if this proposal is successful or not.
75,000 x 7 = 525,000
525,000/1,000 = $525
This breaks down to just more than $10 per week. If your home has a taxable value of less than $75,000, the amount you pay would be less.
What is the bond term?
The term of the proposed bond is 29 years, 10 months. If it is approved, Fraser Public Schools would borrow from the school bond loan fund an additional 13 years.*
*SBLF extension is based on conservative projections of property values