Tax Impact of Final Plan

The intention of East Allen County Schools is to make as much information available for registered voters that live within the boundaries of EACS are be able to make an informed decision when they vote on the Referendum.  This particular webpage will provide information so that property owners within EACS can easily determine what the impact will be on their property taxes.  When the final plan is approved this site will include a simple spreadsheet that property owners can insert their assessed value information that they received from Allen County to determine their tax impact.

<Click Here> to access a spreadsheet developed by the Department of Local Government Finance and Allen County Auditor’s Office to better understand how your property taxes are determined.

Provided below are responses to questions that were asked at the Community Meetings:

Don't farmers pay the main bill in EACS?  Homeowners get break.  People who pay the bills won’t benefit.
About 25% of the families that live within the boundaries of East Allen County Schools have children attending an EACS school.  The net assessed value of the property within the boundaries of East Allen County Schools for 15Pay16 is $2,395,545,599.  This is consists of Agricultural, Industrial/Commercial, Residential, and Personal Property.  Provided below is the percent of the total assessed valuation for these four categories.  
Class Description                  % of Total
Agricultural                                22%
Industrial/Commercial               19%
Residential                                 46%
Personal Property                      13%
- based on information provide by the Allen County Auditor's Office

Provided below is the estimated percent of the total property taxes paid to East Allen County Schools for 14Pay15 by these four major categories:
Class Description                  % of Total
Agricultural                                23%
Industrial/Commercial               19%
Residential                                 44%
Personal Property                      14%
- based on information provide by the Allen County Auditor's Office

Could taxes be per household instead of per land?  
The State of Indiana determines how local taxes are paid.  Currently local taxes are based on the assessed value of property.

Is this fully funded by tax payers?
The State of Indiana does not contribute funds for the renovation or construction of public schools and therefore construction is funded by local dollars.

Is this a one shot deal increase of taxes?
The final plan is to address the needs of the school district. 

If you are a renter, how will this affect you?
The owner of the rental property pays property taxes. 

Show us the details to extrapolate what a 200k, 300k, home would pay.
<Click Here> to better understand and calculate property taxes.  This particular link will be updated to calculate the affect when the Final Plan is approved by the Board of School Trustees.
Are there any previous referendums any?  Any currently still going even with this one?  What is the proposed tax increase per $100,000 home?
East Allen County Schools has not had a Referendum approved.  When the final project is determined information will be provided so property owners understand their own unique tax impact.

How much will taxes increase per family in the NHH area?
The property tax rate for EACS is the applied the same for everyone throughout the district.  The amount of taxes to be paid is based upon the assessed value of the property that is owned.

What is the actual formula for tax impact?  Considering higher valued homes will have higher impact – will areas w/higher tax base receive funds in proportion to taxes collected?
When the final project is determined information will be provided so property owners understand their own individual tax impact.

Duration on tax impact?  Will it go away?
The exact amount of the Bond and the repayment schedule have not been finalized, but larger sizes bonds are typically paid off in a 20 year time period.

Amount of debt coming off books @ time frame of current balance?  What annual payments are on current debt that will be retired?  What is term & maturity left on current loans? Why aren’t we seeing spreadsheets with the various bonds EACS is responsible for?  How many current bonds are active and when will each one be paid off? Before or after referendum?
<Click Here> to see the current bond repayment schedule for East Allen County Schools.  The current bonds should be paid off during the payment schedule of the bond for the Referendum.

More detail about current debt retirement.  What bond terms are EACS looking at?  Are you accounting for possible Federal Reserve rate increases?
The estimates are based on bonds that were recently sold, so yes they do account for future interest rate increases.

There is not an equal payment plan – Will the rate we pay stay the same throughout the years even if our value changes?
If the assessed value of the district increases, the tax rate would decrease.

Can we use sales tax?
Sales tax revenue is not available to East Allen County Schools to use. 

Will this tax hike be forever or just until cost is paid or will it then last forever?
The repayment of bonds does not last forever.  The repayment of a bond after it is sold is twenty years or less.

What happens to the previous tax increase from prior projects?
The repayment of previous bonds continue until they are paid off.  <Click Here> to view the history of EACS tax rates.

State Legislature…farm ground taxes more than homes, current $36 acre, same level as homes.
The assessed values of homes and businesses are based on their true tax value, which is typically the estimated resale amount.  Farmland is assessed at a specific per acre amount determined by the State of Indiana, which is currently at $2,130 per acre.

Are there any federal monies available to find these projects?
East Allen is not aware of any federal grants available to fund these projects.

When will EACS update the debt services spreadsheet with the proposed referendum payment schedule, as shared in the public packet of June 24, 2014?
When the final project is determined, the repayment schedules for all debt will be published.

When and how will the referendum impact, be shared?
At the 1028 Hearing, when the Referendum Projects are finalized, the impact will be published.

With current EACS debt obligations, should the $74M bond be approved?
The final amount for the Referendum has not yet been determined.  The voters of East Allen County Schools will ultimately decide if the referendum is approved.
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