TAX IMPACT

• Rutherford taxpayers are still paying off the bond issued in 2002 when over $30 million was spent on facilities upgrades at all schools.
• The duration of the new bond to be issued has not been published; as a result, Rutherford taxpayers may still be paying off this bond in the year 2048! 20, 25 and 30 year bonds have all been discussed by the Administration but neither the total cost nor the duration is yet known.
• Sample tax impact:
  • The likely tax increase is approx. $111 per $100k of assessed valuation
  • In 2018, a home assessed at $500,000 is taxed approximately $13,300.
  • A 20 year bond @ 3.85% would add approximately $555 in additional taxes (a 4.2% tax increase)

Vote NO on October 2

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