Tax Impact

TI bannerTax impact

In 2012 the district refinanced the outstanding debt from the 2004 referendum, saving taxpayers over $300,000 in interest costs. In recent years the district has pre-paid portions of the remainder of this debt to save the taxpayers additional interest costs.

The debt portion of the tax rate for Fiscal Year 2018 was $0.76/$1,000. We project, as valuation is not certified by the state until October 15, that the Fiscal Year 2019 debt portion of the tax rate will be $0.72 ($607,000 payment on outstanding debt) and then Fiscal Year 2020 would drop to (again projected) $0.16/$1000 ($141,000 remaining and the completion of debt repayment). 

By passing a referendum in November, the district would be authorized to assume debt in the amount of $8.3M which would keep the tax rate for the debt portion the same as projected Fiscal Year 2019, $0.72/$1,000.  If the referendum does not pass, taxpayers would realize a reduction in tax rate for the debt portion of Swallow taxes in that same amount.

Have a question? Contact Dr. Melissa Thompson, Superintendent

Call: 262-367-2000 x108 Email: referendum@swallowschool.org


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