YES ON 5B
Yes To Eagle County Schools
5B
Bond
What is a bond?
Bonds are a voter-approved method of borrowing funds that are used for local school and district capital construction projects such as maintenance of existing schools, new roofs, heating and cooling improvements, and building new facilities.
The Eagle County School District (ECSD) Board of Education has approved a $100 million bond ballot question that will appear on the ballot as question 5B.
What will the Bond be used for from Ballot Question 5B?
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Construct employee housing to retain and attract teachers and staff. Providing access to affordable housing will help ECSD retain current employees and recruit new teachers and staff to work for the school district and live in our community.
-
Improve school safety and security of schools and classroom environments.
-
Expand early childhood education and care services by building an early learning center in Gypsum and expanding capacity at the Edwards Early Learning Center. Research among district employees and community members shows that there are critical needs for expanding childcare and early learning opportunities for our children. According to the CDC, early childhood education and quality care can counteract the disadvantages some children experience, improve their social and cognitive development, and provide them with an opportunity to achieve school readiness, and later success in school.
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Replace, update, or repair roofs, HVAC, playgrounds, gyms, locker rooms, and athletic facilities improving learning environments and extending the useful life of existing facilities.
ILLUSTRATION OF GYPSUM EARLY LEARNING CENTER
What is the tax impact?
This year is different! ECSD has an opportunity with voter approval this November 2023, to benefit from Eagle County’s increased assessed property values to fund the mill levy opportunity and finance building employee housing and early childcare education facilities up and down the Vail Valley without incrementally adding to property taxes. ECSD does not receive a windfall from increased assessed property values, but will benefit from the overall increase in property tax collections due to the increase in property values.
Because education funding in Colorado is capped by the School Finance Act and its complicated formula, ECSD will reduce its mill levy next year to stay within the requirements of capped funding.
With no Bond or MLO, current Mill Levy will decrease
-3.874 Mills
=
$300 annual savings
With Just 5A MLO, current Mill Levy will decrease
-3.723 Mills
=
$250 annual savings
With Just 5B Bond, current Mill Levy will decrease
-2.250 Mills
=
$190 annual savings
With both
5A & 5B, current Mill Levy will decrease
-2.099
=
$140 annual savings
The Math
What is the investment in our schools?
Bond
Election*
$100 million
Mill Levy Override
$3.5 Million
2023 Tax Bill
Mill
Levy
24.53
Annual
Taxes
$170.50
2024 Tax Bill
Difference Based on $100,000 of Market Value
Mill
Levy
22.13
Annual
Taxes
149.70
Mill
Levy
-2.4
Annual
Taxes
-20.80
2023 Example: $100,000 x 6.95% = $6950 x .02453 = $170.50
2024 Example: $100,000 x 6.765% = $6765 x .02213 = $149.70
This year the State has lowered the assessment percentage rates to help ease tax burdens in this inflationary time. All residential property was lowered from 6.95% to 6.765%, Agricultural from 29% to 26.4%. All other types of property including vacant land, commercial and industrial were lowered from 29% to 27.9%.*
Calculation of Property Taxes*
Actual Value
Actual value is market value
Assessment Rate
A percentage dependent on the property classification set by the state
x
Assessed Value
The value on which a property is taxed
=
Tax Rate
Levies imposed by taxing districts
x
=
Property
Tax
*Source: Eagle County Assessor
ECSD has been researching and analyzing the needs for both housing and expanded early childhood education facilities for some time. To support their planning and analysis, ECSD received a $1,000,000 grant for planning of which $350,000 would need to be paid back by ECSD if the Bond does not pass.
