Increasing transparency for local bond measures
By Jon Coupal and Matt Dababneh | Picture yourself on Election Day at your local polling place and looking over a lengthy ballot. Or, try to recall when you were at home reviewing your mail-in ballot. In choosing your elected officials on the ballots, it is pretty straight-forward: You vote for the candidate that best matches your interests and values.
But what about tax levies and bond measures proposed by local governments and school districts? There are so many factors to consider. How will the new funds help your community or school? How long will it take for bonds to be paid off? Most importantly, what will be the actual financial impact on you and your family?
Current law requires that a “tax rate statement” be mailed out to all voters, which includes the best estimate of the highest tax rate for voters, as well as the best estimate of total debt service. While this information can be helpful, it is often insufficient in aiding voters to estimate how much their property taxes might increase.
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