MCSD bond referendum FAQ

     In an effort to help promote the Tuesday, Sept. 11 bond vote for a new middle school in Monticello, the Express will share some FAQ concerning the proposed project. The Monticello Community School District released the following information in an effort to help educate voters, and answer any questions that might arise.

     Visit www.voteyesmonticello.com for further information.

How will we pay for it?

     This plan will cost $22 million. To fund this plan, the school board has identified two funding sources, including:

     • A general obligation bond for $15 million, which voters are asked to approve on Tuesday, Sept. 11. This will affect property taxes.

     • Borrowing $7 million against future revenue from the Physical Plant and Equipment Levy (PPEL) and Secure an Advanced Vision for Education (SAVE/1 percent sales tax) funds previously approved by Monticello voters. This will not impact voters’ taxes.

What will I be voting on Sept. 11?

     On Sept. 11, a date predetermined by state law, residents of the district will be asked to vote on the following referendum. Sixty percent of voters must approve of the referendum for it to pass:

     “Shall the Board of Directors of the Monticello Community School District, in the Counties of Jones, Delaware, Linn and Dubuque, State of Iowa, be authorized to contract indebtedness and issue general obligation binds in an amount not exceeding $15,000,000 for the purpose of furnishing, equipping, constructing, improving, repairing and renovating school buildings and improving the sites therefor including a new 5-8 grade building located on the existing high school campus, energy and mechanical improvements to existing school buildings, and other site and building improvements?”

How will this affect my taxes?

     If approved, taxes would increase by $2.75 per $1,000 of taxable valuation. Taxable value is not the same as market value. It is also not the same as assessed value. The taxable value is the value determined by the auditor after application of state-ordered “rollback” percentages for the various classes of property and is the value indicated on the tax statement.

     For example, a home with an assessed value of $100,000, after rollback and homestead credits have been applied, has a taxable value of $50,771. A $2.75 increase per $1,000 would result in an annual charge of $139.62, or the equivalent of $11.63 per month. The average assessed value of Jones County farmland is approximately $2,059. After rollback, the average taxable value is $1,121, resulting in an annual increase of approximately $3.08 an acre annually. Commercial property rates will increase by $247.50 a year, or $20.63 a month.