LETTER: PW-S referendum tax cost put at 26 cents per $1,000

To Ozaukee Press:

I have two questions regarding the proposed Port Washington-Saukville School District referendum:

Are we still paying off the bonds issued in 2016 for the last building and renovation project?

What is the total of interest to be paid on the proposed project?

Jim Schmit

Port Washington

Editor’s note:

The district currently owes $44.6 million in principal and interest on the debt approved in the 2015 referendum, which is scheduled to be paid off in 2039. That costs taxpayers $2.30 per $1,000 of equalized valuation a year. The owner of a $300,000 home pays $690 in school taxes annually to finance the debt.

If voters approve the April 2025 referendum, the district will borrow $59.4 million and finance it over 21 years—2046 payoff date—with a total interest cost of between $33.6 million and $27.6 million, depending on interest rates.

The additional borrowing is projected to increase the tax rate by 26 cents per $1,000 of equalized valuation, or $78 for the owner of a $300,000 home. So that homeowner would pay a total of $768 in school taxes to finance referendum debt.