Norwell renovations could increase taxes for district

Northern Wells school taxpayers will pay about 10 to 26 cents more per $100 in assessed valuation in 2013 if school board members and taxpayers support one of three school renovation packages discussed at the Tuesday, Jan. 17, meeting.

These rates — and their subsequent totals —vary depending on how the school board pays back the bonds.

If board members pursue the “traditional” option, a financial adviser said, they would pay off the bonds in level increments between 2013 and 2032, like a typical mortgage payment, which would increase the tax impact by about 17 cents in 2013 but ultimately result in a smaller total bill: $22,120,200.

But if board members pursue the “tailored” option, they would gradually increase how the renovations’ impact the tax rate through 2029 as the district retired previous debts.

See the graphs below for more details about the tax impact, and learn more about when school board members — and taxpayers — will decide in the Wednesday, Jan. 18, News-Banner.

$14.9 million renovation package — traditional

$14.9 million renovation package — tailored

$17.9 renovation package — traditional

$17.9 million package — tailored

$22.3 million package — traditional

$22.3 million package — tailored

Financial adviser Jim Elizondo of City Securities explains fully how the three proposed renovation projects for Norwell high and middle schools could impact district tax payers.