Recently, the New England Public School Board voted unanimously to place a funding question before voters on November 6th, 2018. The decision was based on a couple years of study by the district that included a Building Task Force, community input and expert assessments of building and mechanical maintenance needs.
By Kelly Koppinger
New England Public School District will be holding a special election on Tuesday, November 6th, 2018 seeking voter approval of a ballot question that would authorize the district to issue up to $5.6 million in bonds to provide funds for the acquisition and betterment of school sites and facilities.
Approval of the ballot question would cause a property tax increase beginning with taxes payable possibly in 2020.The loan would be for a 20-year term unless the school district requests a sho term. The interest rates on the loans will not exceed 2 percent. If we don’t utilize the School Construction Loan Program, we will be servicing a bond rate of around 4% to 4.5%. Just the difference in interest rates would add an additional $50,000 to $60,000 per year in debt service to this proposed project.
A house, in New England, valued at $100,000 would see a tax increase of approximately $54 dollars a year. This calculation is using 12 mills. If the project takes 8 mills to service the bond, the tax increase would be around $36 per year.
Commercial property, valued at $50,000, would see and increase of about $30 per year at 12 mills. At 8 mills, the tax increase would be around $20 per year. If your commercial property is valued at $100,000 your tax increase would be around $40 per year.
Agricultural land would average an increase of around $0.32 per acre at 12 mills. At 8 mills, agricultural land would see an average increase of $0.22 per acre. If you own 1,000 acres, on average, your tax impact would be approximately $220 per year.
Our last scheduled Public Input meeting is November 1st to be held in the gymnasium. We will provide more financial information and gather more input from the community and hopefully answer a few questions you may have regarding this proposal.
Anyone interested in coordinating a gathering of friends, neighbors or community members to learn more about the Referendum is invited to contact the Superintendent’s Office. Superintendent Kelly Koppinger and he would be happy to speak with your group and answer questions. Meetings can be scheduled during the day or evening. Contact Kelly Koppinger at 701-579-416 or email email@example.com for more information and availability.