Every year school districts require voter approval on their annual school mill tax.
PCSSD is seeking approval of the annual 40.7 School Mill Tax.
With an approval of the school mill tax, PCSSD will be able to restructure current bonds which will free up $80 million.
Without an increase to property tax rates, district schools (facilities) will be improved.
As schools are improved, home values will increase.
If the measure doesn't pass, the tax rate will remain the same.
While the tax rate remains the same, without approval, the schools will not receive improvements and/or expansions.
Property taxes will remain the same whether the ballot measure passes or fails.
Millage Rate Calculation Chart
Assessed Value at 20%
40.7 Mills Yearly
40.7 Mills Monthly
Restructure is used to mean the same thing as refinancing, or revising, bonds in order to save the District money in the long run. The money saved will be restructured, or reallocated, to fund infrastructure projects related to facilities improvements.