What is a no tax rate increase bond issue?
Bond issues are financing tools used by districts to pay for capital projects, such as new buildings, renovations or land purchases. In a bond issue, districts ask voters if they can issue bonds to borrow money to cover the costs of future facility needs, and pay them back with property tax revenue.
A no tax rate increase bond issue is exactly what it sounds like. On June 2, 2020 voters approved a bond issue that does not increase (or decrease) the district’s debt service tax rate.
In other words, the ballot item extended the amount of time taxpayers are subject to the district’s current debt service tax rate. The district did not ask for a larger portion of taxes; holding the debt service tax rate where it is creates enough revenue to fund the district’s future facility needs. The district has held the debt service tax rate at $1.07 per $100 assessed valuation since 1999.