The school bond refinancing election will be held on Tuesday, May 20. Polling will be at the Event Center and open from 8:00 a.m. to 8:00 p.m. Early voting will go from May 5 to May 10.

The Idaho Enterprise will address some of the questions related to the bond election in upcoming editions.

WHAT EFFECT WILL THIS ELECTION HAVE ON PROPERTY TAXES?

Many questions have been asked about this election and its effect on property taxes of residents of Oneida County.  At a recent presentation, Superintendent Jon Abrams said that “if a property owner were to look at his or her current property tax bill, it would be seen that the property tax assessment for the school district is $0.  That amount will remain $0 when the bond is refinanced if voters choose to lengthen the payment period, which is the result of a YES vote.”

Abrams says that the bond is necessary because of funding taken away by the State after it was previously authorized. He explained the situation with this analogy, “If a person goes to a bank to get a loan to purchase a house, the amount of payment is based on the homeowner’s income.  If the homeowner loses his or her job and is forced to take a job at a lower income, the homeowner would have to renegotiate for a lower loan payment amount, spreading out the payments for a longer period of time.”

In the analogy, the Oneida School District is like the homeowner who loses his or her job; the State took away money the District was counting on to pay off the new elementary school in three years. With the unexpected loss of State funding (funding that had already been approved and allocated to the District), the District must now use District funds to pay off the elementary school bonds over a much longer period of time.   The bond election is necessary to get voter approval for the longer repayment period. This will ensure that the district does not have to increase property taxes to pay for the school.

The District still gets the majority of its funding from the State, primarily based on Average Daily Attendance of students. Part of that funding is for school facilities. These funds would be used to make the bond payments over the next 20 years. Other State funding comes from other programs, although that funding must be spent for the purposes stipulated by the funding laws.

The original plan was to pay off the school in three years, and then the District would be eligible for new State funding to build an auditorium or multi-purpose building. Those plans will have to be on hold until the school is paid off or until the State Legislature changes funding policies – again.

Superintendent Abrams expressed that he is happy to meet with individuals or organizations to explain the funding situation and the reasons for the upcoming bond election. Superintendent Abrams said, “I want to address any questions, rumors, and/or theories about the District’s lack of transparency with taxpayers”. To schedule an appointment with Mr. Abrams, please get in touch with him at [email protected] or 208-705-3723.