At $770 million, the college is able to issue bonds without raising its tax rate. Since property values are expected to increase, the college estimates that at its current tax rate, a taxpayer with a home worth $500,000 would pay up to $5 more per year over the first five years the bond package will cover, maxing out at $25/year for the remainder of the bond. Seniors (age 65+) and residents with disabilities would see no tax increase as a result of the bond program.
Affordability remains a primary concern for the college as it asks voters to consider the 2022 bond proposal. The college is able to issue bonds without raising its tax rate.
Since property values are expected to increase, the college estimates that at its current tax rate, a taxpayer with a home worth $500,000 would pay up to $5 more per year over the first five years.
The final estimated tax impact of the bond proposition for a standard homestead would be as listed in the table below.
Exemptions
Seniors (age 65+) and residents with disabilities would see no tax increase as a result of the bond program.
| Year | Standard Homestead ($500,000 Home Value) |
|---|---|
| 1 | $5/year ($.47/month) |
| 2 | $10/year ($.83/month) |
| 3 | $15/year ($1.25/month) |
| 4 | $20/year ($1.67/month) |
| 5 | $25/year ($2.08/month) |