|6/22/2017 1:03:00 PM|
Tax impact lower than expected for CL bonds
The Chisago Lakes School board got some great news at their Thursday, June 15 meeting.
Greg Crowe, Senior Municipal Advisor, from Ehlers noted that due to shrinking interest rates, the initial tax impact planned for will now be lower for district taxpayers.
For example, a home valued at $200,000 in the district was going to see a $157 year raise to their taxes in the original plan. Now, that number is $134 in a year.
For a $500,000 commercial or industrial property, the tax impact goes from $804 increase per year to $684 per year.
The biggest impact occurs in the agricultural homestead properties. On a $1,000,000 property, the number goes from a $479 increase to a $16 increase. Much of that credit is due to the School Building Bond Agricultural Credit, which reduces levies on agricultural land by 40 percent.
Overall, the election estimates for the bond total was $64,950,000, but the estimates with the bond sales approaching is $62,815,500.
Crowe did say that the interest could creep down even lower by the time the bond sales get here. “Cross your fingers for that,” he said to the board.
Lunch prices will inch up next year in the district, with the elementary school prices going up by five cents per lunch and the middle school and high school lunches going up by 10 cents for each lunch.
Breakfast at those buildings will increased from $1.50 to $1.65 and adult lunches will raise by 35 cents.
Food Service Director Kathy Burrill said that the district got a better bid from Upper Lakes Foods for their delivery costs in the sealed bid process, but food costs in general would still be rising, necessitating the changes.