Taxes

Taxes will NOT be increased with passage of this bond referendum. The district is seeking a continuation of the existing debt service tax. North Polk schools would borrow up to $15 million in bonds without increasing your taxes for the completion of the proposed construction projects. Currently, the district’s outstanding general obligation debt is set to be retired in FY 2036. If the 2020 referendum is approved by voters, the district would be extending total general obligation debt to be retired in FY 2040.

The district will maintain the current tax rate regardless of the outcome of the vote. We can do this because both our taxable valuation and enrollment are steadily increasing. Our growth is not only in student enrollment but also in the commercial and residential tax base which allows us to keep the tax rate stable. Additionally, some portions of the tax levy are projected to decrease which allows for the general obligation bonds to be sold without an overall increase in taxes. We are able to pay off debt more quickly as well as fund these additional projects.