For Immediate ReleaseNovember 04, 2013
Recalculation of bond rate impacts 8,977 property owners
San Rafael, CA – Tax bill revisions to amend the Ross Valley School Series B bond rate for the 2013-14 tax year will be mailed to 8,977 property owners Nov. 8. The recalculated bond rate will increase tax bills in the district by $5.79 per $100,000 of assessed value.
The revision only impacts property owners living within the Ross Valley School District, including the towns of San Anselmo and Fairfax plus unincorporated areas.
Taxpayers who have already paid all or a portion their property taxes will receive a letter from the Marin County Tax Collector regarding their payment and instructions about any additional balances due.
Roy Given, the Marin County Director of Finance, said the financing structure of Ross Valley's Series B bonds contained an interest premium of $266,291.76 reserved for 2014-15 that should have been excluded when the county calculated the 2013-14 rate. The amended tax rate was determined to be the appropriate solution given the anticipated issuance of additional bonds for the district within the next year.
Voters approved Measure A in 2010, authorizing $41 million in bonds for classroom construction in the Ross Valley Unified School District. Issuance of the third bond series, Series C, is being considered for December 2013.
Work has been under way since 2010 to replace temporary classrooms and modernize school facilities. According to the Ross Valley School District's Citizen Oversight Committee, improvements at White Hill Middle School are virtually complete and work at Brookside Elementary is moving forward as scheduled. The next bond sale will provide funds for projects at all four elementary schools in the district.
Roy GivenDIRECTORDEPARTMENT OF FINANCE
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