I’ve kept most of my political opinions my other site which is designated for that purpose, but there is one that I want to mention here because it relates directly to real estate and home values – that issue is the District 49 bond question. First, here is the text of the question:
SHALL FALCON SCHOOL DISTRICT 49 DEBT BE INCREASED $125 MILLION, WITH A REPAYMENT COST OF UP TO $257 MILLION, AND SHALL DISTRICT TAXES BE INCREASED BY UP TO $15.7 MILLION ANNUALLY TO FINANCE THE COST OF:
• IMPROVING DISTRICT-WIDE STUDENT SECURITY, TECHNOLOGY AND TRANSPORTATION, WITH REPAYMENT OF THESE COSTS IN THE FIRST FIVE YEARS AFTER THE ISSUANCE OF THE BONDS
• BUILDING A NEW ELEMENTARY SCHOOL NEAR FALCON MIDDLE SCHOOL TO RELIEVE OVERCROWDING
• CONSTRUCTING PHASE I OF A NEW MIDDLE SCHOOL IN WOODMEN HILLS TO RELIEVE OVERCROWDING
• BUILDING A NEW HORIZON MIDDLE SCHOOL TO IMPROVE STUDENT SAFETY, EFFICIENCY AND RELIEVE OVERCROWDING AT SKYVIEW MIDDLE SCHOOL
• CONSTRUCTING PHASE II OF VISTA RIDGE HIGH SCHOOL, INCLUDING ADDING ATHLETIC FACILITIES, AN AUDITORIUM, AND AN AUXILIARY GYMNASIUM• EXPANDING VISTA RIDGE TO INCLUDE A 400 STUDENT WING TO RELIEVE OVERCROWDING
• EXPANDING FALCON HIGH SCHOOL TO INCLUDE A 400 STUDENT WING TO RELIEVE OVERCROWDING
• CONSTRUCTING, IMPROVING AND EQUIPPING A NEW K-8 SCHOOL IN INDIGO RANCH TO RELIEVE OVERCROWDING
• CONSTRUCTING AN ADDITIONAL 25 CLASSROOMS THROUGHOUT THE DISTRICT
AND OTHERWISE ACQUIRING, CONSTRUCTING AND IMPROVING ANY CAPITAL ASSETS THAT THE DISTRICT IS AUTHORIZED BY LAW TO OWN, BY THE ISSUANCE AND PAYMENT OF GENERAL OBLIGATION BONDS, WHICH DEBT SHALL BEAR INTEREST AT A MAXIMUM NET EFFECTIVE INTEREST RATE NOT TO EXCEED 7.00% AND MATURE, BE SUBJECT TO REDEMPTION, WITH OR WITHOUT PREMIUM, AND BE ISSUED AT SUCH TIME OR TIMES, AT SUCH PRICES (AT, ABOVE OR BELOW PAR) AND IN SUCH MANNER AND CONTAINING SUCH TERMS, NOT INCONSISTENT HEREWITH, AS THE BOARD OF EDUCATION MAY DETERMINE; SHALL AD VALOREM PROPERTY TAXES BE LEVIED IN ANY YEAR, WITHOUT LIMITATION AS TO RATE AND IN AN AMOUNT SUFFICIENT TO PAY THE PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON SUCH DEBT AND TO FUND ANY RESERVES FOR THE PAYMENT THEREOF; AND SHALL ANY EARNINGS FROM THE INVESTMENT OF SUCH TAXES AND THE PROCEEDS OF SUCH BONDS CONSTITUTE VOTER-APPROVED REVENUE CHANGES?
As most of you know, I’m pretty conservative and my first inclination is always to vote down a tax increase. However, as a D49 homeowner and a real estate agent, I will be voting Yes on 3C.
First, Let me explain the effect on our taxes. If passed, 3C will increase taxes by approximately $3.25 per $100,000 of home value. So if you have a fairly typical $200k home in D49 you monthly taxes (normally part of your mortgage payment) will go up by approximately $6.50.
Now even though that is a small amount, there are still other ways I’d rather spend my $6.50. So why vote yes? As a realtor, I’ve noticed public sentiment from numerous home buyers in the past year turning against D49 due to perceived or real overcrowding. 3C specifically addresses this by adding capacity through expansions of existing schools and building new schools.
I don’t have an opinion on the overcrowding personally – we will likely homeschool our own children, and I’m anything but a fan of state education. I’m just saying that the “word on the street” is that D49 is overcrowded. That means these buyers are looking into other districts instead of 49 and thereby reduces our property values by virtue of supply and demand.
In a city where even adjacent school districts can easily account for a price difference of 5-10%, $6.50 a month is a small price to pay to ensure that our district remains a viable choice for home buyers who place a high priority on school district selection.
Please vote YES on Falcon School District 49 question 3C.
[jeremy]
