By the Numbers
4.99 - millage for proposed operating levy on May 7 ballot
2.71 - millage (subject to change slightly based on interest rates) for proposed bond on May 7 ballot
$175 - cost of operating levy per $100,000 of appraised value
$95 - cost of bond per $100,000 of appraised value
The 4.99 operating millage will generate $1.6 million in annual revenue for the school to help cover operations and Oakwood’s excellent student programming.
The operating part of the levy would be first payable in 2020 and would continue thereafter until reduced or replaced by another vote. The levy is on taxable valuation, which is 35% of the appraised value. When applied to the taxable valuation, 4.99 mills generates just under $175 of annual tax on a $100,000 home.
$100,000 Home x 35 % Taxable = $35,000 Assessed/Taxable
$35,000 Assessed/Taxable x 4.99 mills (.00499) = $175 Annual Tax
The Bond Issue will generate $18 million, which will be used for facility improvements outlined in Phase 1. This money cannot be used for operating costs. The length of the bonds is a maximum of 37 years.
$100,000 Home x 35% Taxable - $35,000 Assessed/Taxable
$35,000 Assessed/Taxable x 2.7 mills (.0027) = $95 Annual Tax