The Impact to Taxpayers
After a three-year facilities master planning process, Sycamore voters endorsed rebuilding E.H. Greene Intermediate and Sycamore Junior High, as well as renovating Sycamore High School and Symmes Elementary, making minimal updates to all four elementary schools, in a vote of 61% for Issue 18 on November 5.
Approval of Issue 18 authorizes the district to issue $127.5 million in bonds to renovate and replace some of our aged and obsolete facilities. Property taxes will be collected to pay principal and interest payments on the debt for 30 years.
The Board has worked with Bradley Payne Advisors to minimize the impact on taxpayers. Residents currently pay 2.0 mills on bonds to rebuild Blue Ash and Montgomery Elementary (1998) and Maple Dale Elementary (2010). These bonds are set to expire in 2022 and 2028, respectively. The new debt will be structured so the increase to taxpayers will not exceed 2.4 mills over what they currently pay for bond levies. If approved, the cost to homeowners will be $84 annually per $100,000 of home market value, or about $7 per month.
The debt structuring called a “wrap-around” will allow the district to collect taxes at a lower rate than the 4.0 mills that appear on the ballot for the first nine years of the 30-year term. This type of structuring is used frequently by schools when existing bond issues are in place. Once the outstanding bonds are paid off, the total millage collected will be no more than 4.0 mills for the remainder of the 30-year term. The chart above shows how this debt structure impacts taxes collected for all district bond issues.