Clover Park School District press release.
LAKEWOOD, Wash — Clover Park School District recently refinanced a 2010 bond, an action that will save district taxpayers $5,963,099 million over the next 10 years. Taxpayers will see the savings reflected by lower property taxes.
The district took advantage of declining interest rates to issue new debt to pay off the previous balance. This process, called bond refunding, provides a refund because of the new debt’s low interest rates.
“We take pride in being good financial stewards for our community,” said Superintendent Ron Banner. “This refunding saves money for our taxpayers without impacting the world class education we provide here in our district.”
The 2010 voter-approved bond paid for construction of Hudtloff Middle School, Four Heroes Elementary School and Harrison Preparatory School.
The district will re-form its Facilities Advisory Committee later this year, which will help prioritize future facility needs and potential bond opportunities.
“World class education”…?
LMAO.
If it wasn’t for HP and a couple of elementary schools your ranking would be on the thin thread of “diversity scores.”
Certainly good news: don’t look a gift horse in the mouth. However this may be offset to some degree by the increase in the school levy funding taken in this and future years property taxes. The levy it is based entirely on a fixed percentage of your property’s assessed tax value: when valuations go up so does the levy collected. It might have been more truthful to reveal the whole truth in this article instead of just the half truth. The question that needs asking and answering is: What is the net effect of both the refinance and levy funding on property taxes?
Care to answer Mr. Banner………..or any of my elected representatives on the Board who remain silent on such issues.
Mr. Abeeny,
True enough that our property taxes are ridiculously complicated, I think by design, and as much as I hate to contradict your assessment, I do believe you’re incorrect. Levy ‘amounts’ are fixed. A change in the assessed values does not change the Levy ‘amount’, it only changes the distribution of that funding. Maybe way deeper then we need to go, but, obviously, if property values increase, oh, say 20%, a property of relatively lower value, say $200k will increase significantly less then a property valued at $2M, and the ‘difference’ in the increased distribution of that revenue source will obviously be significant, BUT, the levy amount is fixed. The estimated dollars/thousand that you see in the voter’s pamphlet is, just that, an ‘estimate’, based, usually on previous year’s assessed values. It rarely ever works out to be very accurate at all, especially given changes in assessed values.
I believe you are incorrect. The levy for Clover Park School District is fixed only as a mil rate tied to the assessed value of the property. When values go up, the mil rate stays the same but the amount collected increases. This was just covered in the last CPSD Board meeting. You are correct in that the amounts collected annually are projected because they are based upon future assessed values. In any case it’s money out of your pocket.
I’m also concerned that everything since the pandemic is being treated as an emergency or needing immediate attention as in this case. Politicians have found that using these words gives them the same leverage that emergency powers during the pandemic gave them. Clearly you don’t put up homes and apartments over night. Housing is a long term issue and any “immediate” action to rectify the problem is bound to be nothing more than a Band-aid.
50% passing ELA
38% passing Math
39% passing Science
This is what superintendent Ron Banner refers to as World Class Education.
Embarrassing.