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(updated April 8, 2014)
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2014 Bond Proposal Overview
The Bedford Public School Board has passed a motion to place a bond proposal on the May election ballot. The board is asking voters to consider a $70.35 million bond for basic upgrades, renovations, and replacement of aging infrastructure and equipment at all schools across the district. “Our goal is to Keep Bedford Strong,” said school board President Michael Smith. “We feel this is the right time and the right investment for our students and our community. The bond will impact the educational environment for our nearly 5,000 students and future generations to come.”
The bond is focused on addressing the district’s aging and inefficient buildings (many over 50 years old), improving safety and security, and cost savings including energy efficiency. The district still has single pane windows, inadequate insulation, aging roofs, no temperature control systems and poor lighting at most schools. As state funding has declined in recent years, the board is closely scrutinizing, evaluating and prioritizing every cost and expense. The district’s buildings will continue to age and need to be maintained without stressing the general fund budget which is geared towards classroom learning.
The board began this process last fall by commissioning a thorough assessment of the district’s facilities which are comprised of 746,000 square feet across nine buildings. The findings of this assessment highlighted critical needs, deferred maintenance, and potential property enhancements.
The assessment process included:
“Bedford is a community of pride and passion,” said School Superintendent, Mark Kleinhans. “We are proud of our students’ accomplishments and want to create a school environment that represents their success and our community’s vision. We plan to hold several open forums at our schools to help our community see our current learning spaces and discuss our vision for the future."
The proposed bond will replace the current sinking fund and 1998 construction bond that will be expiring. The millage rate will be for 4.37 mills, an increase of 2.05 mills over what residents are currently paying. The cost of the proposal will be an additional amount over your current tax payment equal to: $6.41/ month for a home value of $75,000, $10.68/$125,000, and $14.95/$175,000 home value.
Impact of the Proposed Bond on your Taxes
The proposed bond would be a tax increase of 2.05 over what is currently being assessed with the Sinking Fund millage and a 1998 construction bond. Both the the Sinking Fund and the 1998 construction bond payments will be expiring and be replaced by this single bond proposal of the 4.37 mills you will see printed on the ballot.
The TaxCalc® estimates the after tax impact of millage backed proposals by considering the Michigan's homestead tax credit and the federal income tax deduction of property tax. Some Taxpayers may receive part of the property tax increase back in the form of an increased tax credit. (More details can be found here in this document: After Tax Credit Impact of Millage Proposal)
Summary of Homestead Tax Rates for 2013 By Jurisdiction