Tax Impact

Would this ballot proposal increase the tax millage rate?

This special education facilities bond would increase the tax millage rate by 0.55 mill in the first year, with the millage rate expecting to drop in later years.

How much would the Bond proposal cost the average taxpayer?

Tax Impact of 0.55 Mill Increase

NOTE: Typically, the home market value is estimated at a minimum of twice the taxable value.

Taxable Value

50K

75K

100K

125K

150K

175K

200K

225K

250K

Annual Impact

$27.5

$41.25

$55.0

$68.7

$82.50

$96.25

$110.0

$123.75

$137.50

Monthly Impact

$2.29

$3.44

$4.58

$5.73

$6.88

$8.02

$9.17

$10.31

$11.46

Daily Impact

$0.07

$0.11

$0.15

$0.18

$0.22

$0.26

$0.30

$0.33

$0.37

The average taxable value per parcel in Ingham County is $133,400 as of May, 2024, based on the assessor’s office information. Typically, the home market value is estimated at a minimum of twice the taxable value.

What is a mill?

A mill is a unit used to calculate property taxes. One mill equals one dollar for every $1,000 of a property’s taxable value. Taxable value is not more than half the market value of the property. For example, a home with a market value of $200,000 and a taxable value of $100,000 would pay $55 per year for a 0.55-mill tax levy.

What is a school bond?

A school bond is similar to a home mortgage. It allows the District to borrow money for major construction, renovation, or equipment projects and repay it over time through property taxes. Bonds provide long-term funding for facility improvements.

Bond proceeds CAN be used for the following items: