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A bond referendum is a smart financial strategy to generate upfront funding for critical safety upgrades and facility improvements at our two schools.
The Tabernacle Township School District has an opportunity to make major improvements to both schools and have state aid cover up to 40% of the costs – but that’s only with a voter-approved bond referendum. Every project included in this bond referendum is eligible for 34 –40% of state funding, making it a smart way to make these necessary improvements to our schools.
After having our state funding slashed nearly in half, bond borrowing is a way for our district to tap into a different line of state funding. This is money Tabernacle residents have already paid through state taxes, which goes into a special “pot” of money to pay for projects tied to educational needs. While taxpayers across the state pay into this fund, money from it can only be shared with districts where voters approve a bond referendum.
The cost of these improvements totals just over $12.6 million.
The cost of these improvements totals just over $12.6 million.
If voters approve the November 8 bond referendum, the owner of a home assessed at Tabernacle Township’s average would see an initial increase before taxes decrease to less than what they are paying now. This is because the existing debt and the new debt will briefly overlap, but once that existing debt is paid off in two years, residents will be paying $17 a year LESS than they paid 2022.
The average assessed home in Tabernacle ($266,592) pays approximately $259 per year for the K-8 district’s school debt taxes. If residents approve the November 8 bond referendum, taxes will be higher in 2024-2025 as residents pay the new debt and the retiring debt; however, residents will then pay an average of $242 per year for the same home, which is $17 less than what they paid in 2022, by 2026.
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