School Bond affect on Property Taxes

How will the 2007 Douglas County School bond referendum affect your property taxes? The BOE has told us this bond will cost the owner of a $100,000 home an additional $70 per year. The BOE has not told us what the millage rate would be to achieve this, however, basic knowledge of millage rates and the property tax process will allow us to put this number into perspective.

The owner of a $100,000 home would be taxed on 40% of this value. The taxable value is $40,000. Simple math wil reveal the millage rate.

Taxable Value X Millage Rate = Tax Due

Millage Rate = Tax Due / Taxable Value

$40,000 X Millage Rate = $70

Millage Rate = $70 / $40,000

Millage Rate = 0.00175 Or 1.75 mills

Now with the millage rate, you can calculate the cost of the bond to you.

Taxable Value X 0.00175 = Tax Due

The Douglas County School Board will add this millage rate to the existing millage rate.

For 2006, the Douglas County School Board had a bond millage rate of 0.9 mills or 0.0009 . The School Board also carried a Maintenance and Operational property tax millage rate of 19.4 mills or 0.0194 . For the owner of a $100,000 home, the total picture will look like this.

Taxable Value x Millage Rates = Tax Due
40% x $100,000 = Taxable Value = $40,000
$40,000 x 0.0194 = Tax Due = $776
This is the Maintenance and Operational Portion of the School Board Property taxes.
$40,000 x 0.0009 = Tax Due = $36
This is the Bond portion of the School Board Property Taxes for our current outstanding bonds.
$40,000 x 0.00175 = Proposed Bond Tax Due = $70
This is the additional amount of Property Taxes the proposed 2007 School Bond would add to a tax bill.

Total due to the School Board through Property taxes for the owner of a $100,000 home

M&O            $776.00
Existing Bonds      $36.00
Subtotal             $812.00
Proposed Bond   $70.00
Total                   $882.00

The owner of a $100,000 home would owe $882 per year.
That's ONLY $2.42 a day!

< Prev		Next >

[ Back ]

DouglasTaxes.com Sponsors