Owen-Withee Referendum, Final
Wednesday, March 27th, 2013 -- 8:30 AM
-Bob Houts, District Administrator for the Owen-Withee School District, presented information to Owen-Withee residents on the referendum the district is hoping to pass April 2nd.The resolution will be asking Owen-Withee residents to approve 8 million dollars for various remodeling, renovations, additions, and other work on the school district.
The 8 million dollars would be a 20 year loan with an interest rate of 3.5%. However, Mr. Houts did say that the rate is subject to change and could be lower by the time everything comes through. He also mentioned that 3% is the lowest it?s ever been. Once the loan is acquired the interest rate would be locked in.
The total maximum mill rate increase that the district foresees is $1.88. The mill rate impact for 2014 is $1.05 and $.83 for 2015. This would place Owen-Withee below the state average mill rate about 5th taking a look at 7 other districts in Clark County.
The mill rate, for those that don?t know, is the amount of tax payable per dollar of the assessed value of a property. Property tax, in dollar terms, is calculated by multiplying the assessed property value and the mill rate and dividing by 1,000. In this case, the impact on a 100,000 dollar home in the Owen-Withee area would have a monthly impact of $15.67 and a maximum impact of $188 dollars.
35% of the building project would also be paid by state aid at the beginning of the 2nd year which is why the mill rate decreases in 2015.
Feel free to contact us with questions and/or comments.