Susan Wilkins said...
The proposed $404,000,000 bond measure is a HUGE amount of money. It just seems like a small amount when compared to the previous $755M bond measure. To suggest that it will cost taxpayers only $10/month or a couple cups of coffee to pay off is utterly ridiculous. Our school board rushed this bond measure and didn't bother to check their math. Their calculations are wrong! The bonds will cost nearly 4 times as much as the district states!
Intuitively, $404,000,000 paid back over 20 years will cost $20.2 million per year just to pay for the principal. With 4.25% interest, taxpayers will need to pay back about $30 million per year, about the same amount as the Capital Projects Levy that just passed or $.91/thousand in assessed value. So paying off $404 million will cost the owner of a $500,000 house about $450 per year or $40 per month, not $10/month.
Sammamish residents are the biggest losers with this bond measure. They get nothing! No additional elementary classroom space, no new eastside ICS choice school (as was promised), and no new middle or high school space. Read More >>
Intuitively, $404,000,000 paid back over 20 years will cost $20.2 million per year just to pay for the principal. With 4.25% interest, taxpayers will need to pay back about $30 million per year, about the same amount as the Capital Projects Levy that just passed or $.91/thousand in assessed value. So paying off $404 million will cost the owner of a $500,000 house about $450 per year or $40 per month, not $10/month.
Sammamish residents are the biggest losers with this bond measure. They get nothing! No additional elementary classroom space, no new eastside ICS choice school (as was promised), and no new middle or high school space. Read More >>