By Frost McGahey and Mary Alice Murphy

(please also see https://www.grantcountybeat.com/news/news-articles/two-questions-on-the-special-election-ballot-causing-confusion )

The Mail-In ballot has caused a lot of confusion. The two Bond Questions have different impacts on property taxes. Jarrod Mason, an experienced accountant who has worked on the audits for Silver and Cobre schools was contacted to explain the ramifications.

Mason first addressed the shorter ballot question that asks for $25,000,000. “This is going to raise people’s property taxes next year by 23 ½% to 25% depending on exemptions. Voters need to know this. Unfortunately, the school district hasn’t been very forthcoming. Many elderly in our county are on fixed income and can’t afford this increase. On a $150,000 house, that costs an extra $205 a year.

The second ballot question is longer, and the school district says it won’t increase your taxes. What is strange is that this question is usually placed on the November ballot. In my 20 years doing audits for school districts, I’ve never seen it put in a special election. What isn’t said is that if you vote No, your taxes will be reduced. If you own a $150,000 house that will save you $100.”

Mason also brought up the aspect that bonds need to be financed and with today’s high interest rates, a $25 million bond could become $40 million over the course of several years. Plus the timing of the bond is questionable as the Federal Reserve is expected to reduce rates in September.

To figure out one’s own tax increase for the new bond, here is the calculation.
Full Value of Home x .333 = Taxable Value x 4.10 = Property Tax Increase
$250,000                     x .333 = 83                          x 4.10= $340

For the other bond question:
$250,000 x .333 = 83 x 2 =$166