By Dr. Steve Levin
Re “Does Anyone Know How Much School Bond Will Cost Me?”
Hi John Derevlany,
In your letter last Friday, you start by saying that no one in the entire city has been able to tell you the cost of the bond.
But by the end of the letter, it is clear: The CCUSD website says $48 per $100,000 of assessed valuation.
You simply choose not to believe that number.
Your skepticism appears to be based on a comparison with the bond from 17 years ago.
So… here are two reasons why your comparison with the 1997 bond cost doesn't apply to this situation:
1) Property values have gone up since 1997, and interest rates are at historic lows. Both of these mean we can get a larger bond for the same tax rate. From that point of view, 2014 is the best time in decades to pass a school bond.
2) California law says that the tax rate for a bond like this is not allowed to go over $60 per $100,000. So your estimate of $120 is double the legal limit.
If passed, the bond really will cost $48 per $100,000 of assessed value, with a guaranteed legal cap at $60.
Dr. Levin, a member of the School Board, may be contacted at steven.levin@ca.rr.com
