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Community Update - 4/13/18

How much would the approval of a Sinking Fund cost me?


 On Tuesday, May 8, 2018, the Coloma Community Schools Board of Education will ask voters to approve a 1.25-mill sinking fund request for the renovation and repair of district facilities, along with site and safety/security improvements.  The Building & Site Sinking Fund would be used for specific repairs and improvements in our district.


 To calculate how much a 1.25-mill sinking fund would cost annually, you would multiply your homes current taxable value (your taxable value is half of the total value of your home) by .00125.  For example, if your home has a current value of $100,000, your taxable value is half of that, or $50,000. If you take that taxable value and multiply by .00125 (50,000 x .00125) you would get the amount you would pay in taxes annually in support of the district’s sinking fund (in this example 50,000 x .00125 = 62.5, meaning your tax would be $62.50 annually).  To estimate what it would cost you each month you would simply divide that number by 12.


 To make things even easier to estimate, the table below summarizes the annual and monthly costs associated with the value of many homes:

Value of Home

Taxable Value

Annual Cost

Monthly Cost

$50,000

$25,000

$31.25

$2.60

$100,000

$50,000

$62.50

$5.20

$150,000

$75,000

$93.75

$7.80

$200,000

$100,000

$125.00

$10.40

$250,000

$125,000

$156.25

$13.00


   Please join us for our final informational community forum on our Sinking Fund proposal on Wednesday, April 18 at 7:00 PM in the Coloma High School auditorium.  Please park in the west lot and enter through the doors on the west side of the high school.  We will share additional information, answer any questions, and gather feedback from those in attendance about the improvements we would all like to see in our schools and facilities.  We hope to see you there!!

Source: Coloma Community Schools