Lake Stevens district recalculates; taxpayers get a break
Published 1:30 am Monday, December 19, 2016
LAKE STEVENS — Bonds approved by voters in February to build and remodel local schools now are expected to cost taxpayers less than the district originally calculated.
Voters approved a $116 million bond measure to build a new elementary school, preschool and remodel Lake Stevens High School. Paying back the bonds was expected to cost taxpayers $1.21 per $1,000 assessed property value, or $363 per year on a $300,000 home. The district shared that estimate with voters in the months leading up to the election.
Because of low interest rates and a growing tax base, the district recently dropped the estimated tax rate for the bonds to about $1.02 per $1,000. That’s $306 a year on a $300,000 home, about $57 less per year than anticipated. The change was announced by the district in a news release last week.
Final tax rates won’t be determined until the district’s 2017 taxable assessed value is provided by the Snohomish County Assessor. The current estimate is based on preliminary figures.
The district got a lower interest rate than expected because the bonds were sold in June, not long before the United Kingdom was set to vote on exiting the European Union. Investor uncertainty fueled low rates, according to the district.
Work has begun on the new elementary and preschool campus. The elementary has been named Stevens Creek Elementary and is expected to open in January 2018. A volunteer committee has been formed to review the boundaries for which students go to which elementary schools in the district.
Kari Bray: 425-339-3439; kbray@heraldnet.com.
