Montgomery Independent School District Bond Election 2007
According to the proposal documentation, MISD has experienced a growth of 47.66% in the past 4 years. Demographic projections are expecting that to double in 10 years. MISD has proposed a bond issue for construction of elementary school #4 and renovations to existing schools, a transportation/distribution center, agricultural and science center, ninth grade center, and other expansions.You can read the full detail here .
What does this mean to you? If you are a resident of Montgomery and currently paying MISD taxes, you can expect property taxes to increase if this is passed. They have given a projected amount of the increase for you. Referencing this increased proposal, it makes one very important assumption:
"What will this bond referendum cost me?
Based on current projections, taxpayers would see a debt service rate increase of .15 cents between 2007 and 2008 in relation to this bond referendum. Assuming the property’s value remains the same for the period, the debt service portion of the total tax bill on a $162,997 home would increase by $222 over the term. This equates to about $18/20 per month. (See tax chart on page 2 of the MISD Bond Referendum Brochure (pdf)).
"assuming the property's value remains the same" is critical to this proposal. If the Montgomery County Central Appraisal District does not increase the value of your property, then this estimate is your proposed increase in taxes per year. If however, the value of the property increases then they cannot predict your new tax amounts.
I don't doubt that Montgomery has seen a significant increase in it's enrollment over the past several years. Anyone living, working, or playing in the area cannot help but notice the significant changes in Montgomery. However, I also don't doubt that property values have increased significantly in the past few years as well. Montgomery is expecting strong growth in the region over the next few years, and with that comes increased property values. As we say in real estate "location, location, location". That's great for a lot of reasons: 1) your equity in your home continues to rise, 2) your resale value is strong, 3)demand for housing increases, 4) the economy is growing , and 5) businesses will come bringing with them sales tax revenue and other economic boost for the local economy.
At the same time all the wonderful growth is happening, it can cause a significant change in property values and thus a significant change in taxes.
I am not telling you that you should vote for or against the proposed MISD Bond 2007. I am a firm believer in our children's education. Not to mention the safety and quality of their schools. I do feel you should be an informed consumer before you vote, and realize the entire impact that this may or may not have on your family. Property Value and tax rate are not the same and one does definitely influence the other significantly.
(Whatever you decide....VOTE! I'm appaulled at the low voter turn out we have...it's your right to vote, please do so!) Election day is May 12. Click here for voting dates and times.
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