Westerville City school board seeks new tax levies to finance school work, operations
The Westerville City School Board unanimously approved putting a combined bond-levies issue on the Nov. 5 ballot to finance infrastructure improvements at four older elementary schools and to support its current operating budget.
The bonds would be up to $140 million and have an estimated net average interest rate of 4.5%. The first of two levies, at 1.66 mills, will pay the interest and principle on those bonds, costing $58 in property taxes for every $100,000 in appraised property value over 37 years, which is the maximum maturity of the bonds.
A similar levy, however, will fall off the books at the same time, essentially negating any tax increase from this issue. District Treasurer Nicole Marshall said it would likely result in a slight decrease for tax payers.
The second levy will increase taxes, however, adding $172 for every $100,000 of appraised value to pay current operating costs. The bond and levy issues will be combined as the same item on Nov 5.
https://www.dispatch.com/story/news/education/2024/07/09/westerville-city-school-levy-support-student-needs-with-bond-levies-issue-on-nov-5-election-ballot/74328681007/