Strongsville Schools Give Taxpayers a Break
District will stop collecting bond issue two years early -- a guarantee to voters that Issue 116 will not raise taxes significantly
The Strongsville School District will stop collection on a voter-approved bond two years early, a way of guaranteeing voters they will see property taxes drop $77 a year per $100,000 in home valuation.
Interim Treasurer Denise Holcomb told school board members the district has enough in the fund now to pay off the bond this year, even though it could be collected through 2014.
"We're going to cease collection of the bond issue," Holcomb said.
Supporters are campaigning for Issue 116 by showing voters they can build a new middle school and make major improvements to other buildings with only a small tax increase -- about $25 a year for the average homeowner.
The $81 million, 33-year bond issue would cost homeowners $95 a year for every $100,000 in home valuation, but because other bond issues that currently cost $77 a year are expiring, homeowners would see their taxes rise only $18 a year per $100,000 of home value.
One bond expiring at the end of 2012 currently costs homeowners $66 a year for every $100,000 in valuation.
The other -- the one that is being suspended early -- costs $11 a year.
"We have enough money in our bond fund to pay it off," Superintendent John Krupinski said. "We will not collect it after December."
It would also pay for extensive upgrades, especially in technology, at Strongsville High School and would make needed repairs at the elementary schools.
Krupinski said hundreds of volunteers are continuing a campaign for Issue 116, with another "walk and talk" door-to-door event planned for Saturday and on-going phone banks.
He said the district has contacted more than 7,000 residents so far through one or both of those efforts, and has also sent out a mailing.
"And all that will continue," he said.
Krupinski has called this year "the perfect storm" for the $81 million bond issue -- not only will property taxes be doing down next year, but interest rates and construction prices are low.