I Want to Know: What the school bond means

Sunday, November 02, 2008 |
Question: The Coos Bay School District bond measure says “If the bonds are approved, they will be payable from taxes on property or property ownership that are not subject to the limits of sections 11 and 11b, Aricle XI of the Oregon Constitution.” I want to know what this means.
Answer: It means the Coos Bay School District will be able to tax property beyond the school funding cap established by Measure 5. That legislation, passed by voters in 1990, set a limit of $5 per $1,000 of value to go toward school funding. The state collects that money, then disperses it to school districts to fund education programs.
If voters approve the bond measure, property owners would be taxed $2.50 per $1,000 of value for the first 10 years, and then $1.80 per $1,000 for 15 years after that. Those funds would allow the school district to build two new elementary schools and make repairs to other facilities.
Lee Peterson, a spokesman with the state Department of Revenue, said the bond measure language doesn’t override another piece of legislation, Measure 50.
Approved by voters in 1997, it allows homeowners to be taxed based upon maximum assessed value, rather than real market value.
Peterson said this would still be the case for Coos Bay property owners.
“Absolutely,” he said.
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