$72M for School Improvement.
After months of deliberation, public meetings, and consensus assessment, the San Carlos School District Board voted unanimously yesterday to place a ballot measure in the November election to raise another $72M for the school district. This money is a big chunk of the estimated $100M the district needs to fund badly needed improvements in their facilities and to expand the capacity to handle its swelling enrollment.
Unlike previous school bonds that have been approved in the past, this measure will not tax each homeowner equally. According to the bond resolution, homeowners will annually pay $30 for every $100,000 of assessed value if their property. So those with more expensive homes will pay more, and those with smaller homes will pay a little less. (I guess it’s time to pay a little more attention to the numbers on those pesky property tax assessment statements, right?)
If I’m doing my higher level math correctly, that means the average 3BR/2BA home in White Oaks that has been sold recently (or assessed) at around $900,000 will be docked about $270 per year. A $1.5M home will pay closer to $450. Interestingly, homeowners who have their assessments capped at much lower figures due to Prop 13 will pay much less. Indeed, the school district used an average value for ALL of the approximately 10,000 parcels in San Carlos to be closer to $450,000-$500,000 according to trustee Seth Rosenblatt, which likely takes into account those homes that are still protected by Prop 13, as well as other lower-value parcels.
In order to raise the nearly $72M, this assessment will need to be collected from parcel owners every year for about 30 years.
55% Approval Required.
The yet-to-be-named San Carlos Bond School Measure will require a 55% approval from registered voters to pass. I ran a poll on the site a few months back when the bond measure was anticipated to be closer to $52M, and here’s how you voted then:
How will you vote if the San Carlos School District puts a $52M Bond on the November ballot?
- Yes! I will vote in favor of this bond initiative. (57%, 49 Votes)
- No! I will vote against this bond initiative (40%, 34 Votes)
- I don't plan to vote in November. (3%, 3 Votes)
Total Voters: 86
How will you vote now that you know more of the details of the bond measure? There’s a new poll at the top of the site — register your vote today..
Welcome to to the White Oaks Blog — the most widely read blog dedicated to the San Carlos real estate market! Have blog updates sent to you automatically by subscribing for free by clicking here. Be sure to follow the White Oaks Blog on Facebook at https://Facebook.com/WhiteOaksBlog , and on Twitter @WhiteOaksBlog.
Don’t miss a single update!