1. What is a bond?

A bond is similar to a home mortgage. It is a contract to repay borrowed money with interest over time. Bonds are sold by a school district to competing lenders to raise funds to pay for the costs of construction, renovations and equipment. Most school districts in Texas utilize bonds to finance renovations and new facilities.

 

2. How can bond funds be used?

Bond funds can be used to pay for new buildings, additions and renovations to existing facilities, land acquisition, technology infrastructure and equipment for new or existing buildings. Bonds cannot be used for salaries or operating costs such as utility bills, supplies, building maintenance, fuel and insurance.

 

3. What is a bond election?

School districts are required by state law to ask voters for permission to sell bonds to investors in order to raise the capital dollars required for projects such as renovation to existing buildings or building a new school. Essentially, the voters are giving permission for the District to take out a loan and pay that loan back over an extended period of time, much like a family takes out a mortgage loan for their home. A school board calls a bond election so voters can decide whether or not they want to pay for proposed facility projects.

 

4. Exactly how much is the proposed bond package?

The Board of Trustees called a bond election in the amount of $3.3 million to be brought before voters on May 7, 2016.

 

5. How will the proposed bond election affect my taxes?

If voters approve the bond election, the estimated tax impact of this bond is anticipated to be 9.8 cents for a total tax rate of up to $1.248 per $100 assessed value. For the market home value of $100,000 (less the current $25,000 homestead exemption), this represents an increase of approximately $6.13 per month.

 

6. How do I calculate my personal tax impact for the bond package?

To calculate your personal tax impact from the bond package, divide the taxable value of your property (less homestead exemptions) by 100. Then, multiply that number by .098 for the annual impact of the total bond proposal. You can also use the tax calculator on the Tax Information page to calculate your personal tax impact.

 

7. What if I am over 65 years old? Will my taxes go up if the bond is successful?

No. If you have applied for and received the Age 65 Freeze on your homestead, by law, your school taxes cannot be raised above their frozen level, or “tax ceiling.”

 

8. If I am over 65 years old and receive the “Senior Citizen Exemption” and my home value goes up, will my taxes increase?

The appraised value can change and the tax rate will change, but the amount of school taxes on your homestead cannot increase. Normal repairs, maintenance and the economic impact of the market cannot increase the amount of taxes you will pay once a tax ceiling is in place on that homestead. Therefore, if this bond election is successful, it will not have an impact on the tax bill for homesteads that are receiving the senior citizen exemption, unless you make significant improvements to your home.

 

9. What is a tax ceiling?

It is a limit on the amount of taxes you must pay on your residence. If you qualify your home for an age 65 or older or disabled person homestead exemption for school taxes, the school taxes on that home cannot increase as long as you own and live in that home. The tax ceiling is the amount you pay in the year that you qualified for the age 65 or older or disabled person exemption. The school taxes on your home may go below the ceiling but not above the amount of the ceiling. However, if you improve the home (other than normal repairs or maintenance), the tax ceiling may go higher because of the new additions. For example, if you add on a garage or game room to the house after you have established a tax ceiling, the ceiling will be adjusted to a higher level to reflect the value of that addition.

 

10. Who is eligible to vote in this election?

Any registered voter that resides within the school district boundaries.

 

11. Can I still register to vote in the election?

The deadline for voter registration is April 7, 2016. If you are not registered to vote by this deadline, then you are not eligible to vote in this election. You can pick up a registration card from the Era ISD Administration Building, any campus Administration Office or you can register online at http://sos.state.tx.us/elections/voter/reqvr.shtml.

 

12. After I have registered, when will I receive my Voter Registration Certificate?

You should receive a Voter Registration Certificate within 30 days. On Election Day, please bring your certificate to your local polling place if you have it. However, all that is required is a valid driver’s license.