Tax Information for Upcoming School Election

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kitty mcnamara
Posts: 37
Joined: Thu Aug 03, 2006 8:15 am

Tax Information for Upcoming School Election

Post by kitty mcnamara »

Several people have asked me to clarify the tax implications for the school bond issue.

Basically, the â??Bonding Proposalâ?? will not request more in taxes than were paid last year for building needs,
but would replace two that were paid last year:
1.Last year Beaver Island tax payers paid 1.46 to pay off the debt on the 1993 addition
2.Last year Beaver Island tax payers paid .89 mills into a sinking fund for school improvements.

The two taxes listed above will go off the tax bill and will be replaced by a new levy of
not more than 2.3 mills if the bonding proposal passes.

SO:
LAST DECEMBER TAX LEVY FOR SCHOOL BUILDING NEEDS
1.46MILLS FOR 1993 BONDING PROPOSAL + .89 MILLS FOR SINKING FUND = 2.35 MILLS LEVIED IN 2006

THIS DECEMBER TAX LEVY FOR SCHOOL BUILDING NEEDS IF PROPOSAL PASSES
2.3 MILLS TO BE LEVIED IN 2007 (the average annual millage that would be levied over the life of the bond is 1.89 mills)
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