Mill Levy Q&A

Posted

What is the Two-Mill Capital Improvements Levy (SB 9), and why is it important?

The Public School Capital Improvements Tax (known as SB 9 or the two-mill levy), provides an ongoing source of funding for routine school maintenance, improving school grounds, building, remodeling, furnishings, computers, software and technology infrastructure. These projects protect the taxpayers' investment in our buildings and assure they are safe, functional places for teaching and learning. School districts must ask the voters to reauthorize the tax every six years.

Will my taxes increase?

No. This election is for the continuance of the existing two-mill levy. Taxes will not increase upon passage of SB 9.

How much money does the mill levy provide?

The Capital Improvements Mill Levy generates revenue equal to two mills ($2) per $1,000 of taxable value of property within the school district (for example, approximately $100 for a $150,000 home).

How is this different from a bond issue?

The two-mill levy is not the same as a bond issue - they are two different things and both are important.

Bond issues fund major projects such as building schools or paying for classroom additions or major renovations. On the other hand, two-mill levy provides ongoing funding to maintain school facilities.

What happens if the mill levy does not pass?

Crucial building maintenance would either not be performed or would have to be paid for by taking operational money out of the classroom. Also, districts would lose matching funds (up to 75 percent per year, depending on local tax collections) provided by the state to districts whose voters have approved levying the capital improvements tax.

Source: Taos Municipal Schools

Comments


Private mode detected!

In order to read our site, please exit private/incognito mode or log in to continue.