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APRIL, 2024 REFERENDUM ESTIMATED TAX IMPACT CALCULATOR
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QUESTION 1: $19,500,000 OF DEBT
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QUESTION 2: $14,500,000 OF DEBT
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Enter
2023 Property Fair Market Value (FMV):
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$
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Enter
2024 FMV Growth Estimate* (%):
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Estimated
2024 FMV:
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2023-24
Existing School District Equalized Tax Rate (per $1,000)
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Include?
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Estimated
Question 1 Equalized Tax Rate Impact
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Estimated
Question 2 Equalized Tax Rate Impact
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Estimated
Total Equalized Tax Rate Impact
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Estimated
Referendum Tax Impact Breakdown
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Tax
Impact Based On 2023 FMV
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Tax
Impact Based On 2024 FMV Growth Estimate
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Net
Referendum Tax Impact
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Net
Referendum Tax Impact, per month
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*Note Regarding FMV Growth Affecting Tax Impact
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Over
the past ten years, FMV growth has averaged 5.09% for River Valley School
District.
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Fair Market Value Growth is an important factor in determining
an individual property's tax change from year to year. Separate from the
Referendum Tax Impact, a property may see a tax change resulting from FMV
Growth calculated at the Existing School Equalized Tax Rate. Below is an
estimate based on the FMV Growth Estimate entered above:
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Tax
change from 2024 FMV Growth Estimate calculated on Existing Tax Rate
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Key
Assumptions:
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Two-phased borrowing
approach (2024 and 2026) with a 22-year total amortization.
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Estimated interest rate
of 4.75%.
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First tax impact will be
noted on tax bills received in December 2024 (due in 2025).
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Estimated District
Equalized Valuation Growth of 0.00%.
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State Aid Reimbursement
of -24% (current tertiary level).
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Example tax impact is
based on the property FMV and growth entered. It does not factor any other
potential change in the individual property value.
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Example tax impact
could be impacted by other variables, such as significant market or statutory
changes, which may necessitate adjustments to the financing plans.
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If referendum is not
approved, the mill rate may remain unchanged or decline in upcoming years.
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Definitions:
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Fair Market Value (FMV): This value is shown on your property
tax bill. It is your municipality's estimate of your property's market value.
This value is used in conjunction with the school district equalized tax rate
to determine taxes due to the school district.
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FMV Growth Estimate: This is your estimate for your property
value’s growth % for the current year. You won’t know the actual FMV for this
year until you receive your property tax bill in December. Several factors
can influence how your property value can change from year to year, but often
times the most influential factor is general real estate prices. It may be
helpful in estimating your FMV growth for this year to be familiar with
current real estate prices and how much your property’s FMV has changed in
recent years.
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Equalized Tax Rate: The equalized tax rate is the rate per
$1,000 of FMV that a school levies across all municipalities in the district.
This rate is set by the district. The Impact is the change in equalized tax
rate from the previous year.
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Net Tax Impact: This combines the Equalized Tax Rate Impact from
the Referendum with the change in taxes due to estimated FMV growth. While
the school has control over the Equalized Tax Rate for the district, it does
not have control over growth in FMV for properties in the district.
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