If passed, the bond would invest $7 million in Mt Angel schools plus $4 million in matching grants from the state.
If passed, the estimated increase over the current bond levy is $1.12 per $1,000 of assessed property value, for a total of $3.97 per $1,000 of assessed value. The estimated increase would be for 8 years, until the existing bond is paid off in 2032. The remaining 12 years of the bond is estimated to cost $1.57 per $1,000 of assessed property value. For example, owners of a home with assessed value (not market value) of $300,000 could expect to pay $336 more per year or $28/mo. After 8 years, when the current bond is paid off, owners of a home with a $300,000 assessed value could expect to pay $720 less a year.
Actual levy rate may differ due to final interest rates and changes in assessed value.
If approved by voters, could the new bond rate of $3.97 per $1000 change?
It is possible that the bond could change. Housing construction, area growth/decline, and home values could all contribute to changing the rate per $1000 of assessed value. The property tax rate to pay off the bonds is currently calculated annually using estimates of assessed value and collection rates.