How will this project impact my taxes?
- The Town has stated that, for a home valued at $400K, taxes will be $200 higher per year because of the school. But between 2027 and 2046, we know that same taxpayer's bill will include bond payments related to the school of between $505 and $660 each year. We are unable to reconcile these two significantly different answers to the basic question of “how will this project impact my taxes?”
- It is important to note that the full impact on your taxes will not be reflected in your tax bill until 2028. That’s because the $160 million debt will not be issued all at once. Instead it will be issued in three parts: approximately $55 million in 2025, $55 million in 2026, and $50 million in 2027.
- We looked at the Town-provided amounts of the tax impacts for five years from 2027-2031. Those are the first five years after the full impact of the school project will be felt in your tax bill. We compared that to what your taxes would be for that period if they increased at 3% per year from their current level and the school debt payments were included. We found that the taxes on a $400,000 home for those five years would be $37,060 without the school project and $40,279 with the school. That’s $3,220 or 8.7% more taxes with the school. To us, that’s the best measure of the real tax impact of the school – from 2027 to 2031 you’ll be paying 8.7% more taxes with the school project than without it.